TCREUR_Public/091015.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Thursday, October 15, 2009, Vol. 10, No. 204

                            Headlines

A U S T R I A

ANDREAS BRAUN: Claims Filing Deadline is November 3
KOMMUNALKREDIT AUSTRIA: Moody's Cuts Bank Strength Rating to 'E'


B U L G A R I A

* BULGARIA: Corporate Bankruptcies Up 141% in September 2009


F R A N C E

BELVEDERE SA: Court Defers Decision on Rescue Plan Until Nov. 10


G E R M A N Y

ARCANDOR AG: Metro May Drop Plan to Buy Karstadt Stores
ARCANDOR AG: Sal. Oppenheim to Further Reduce Stake
DEUTSCHE HYPOTHEKENBANK: Fitch Affirms Junk Ratings on Three Notes
GENERAL MOTORS: German Workers at Opel Unit Agree to Wage Freeze
QUOKKA FINANCE: Moody's Cuts Rating on Class E Notes to 'B1'


G R E E C E

DRYSHIPS INC: Inks Debt Waiver with Nord LB and West LB


H U N G A R Y

MAV ZRT: Bankruptcy Seen Early Next Year Absent Gov't Bailout

* HUNGARY: Liquidation Procedures Up 37% in September 2009


I R E L A N D

NEW BOND: S&P Downgrades Ratings on Class A Notes to 'D'


I T A L Y

IT HOLDING: Says Banks Still Evaluating Request for Credit Lines


K A Z A K H S T A N

KALIOPPA LLP: Creditors Must File Claims by October 21
KBE INVEST: Creditors Must File Claims by October 21
MAMANGER LTD: Creditors Must File Claims by October 21
MASHKUR LLP: Creditors Must File Claims by October 21
ORAL INTERIER: Creditors Must File Claims by October 21


K Y R G Y Z S T A N

ENIKOM STROY: Creditors Must File Claims by October 28
LINE PROFI: Creditors Must File Claims by October 28
KYRGYZ STROY: Creditors Must File Claims by October 28


L U X E M B O U R G

DEXIA FUNDING: Fitch Junks Ratings on Two Hybrid Securities
DEXIA FUNDING: Nonpayment of Coupons Cue S&P's Junk Rating


N E T H E R L A N D S

AEGON NV: Raises US$650 Million for U.S. Operations
LEO MESDAG: Fitch Cuts Ratings on Two Classes of Notes to 'B'
LEVERAGED FINANCE: Moody's Junks Rating on EUR6MM Class R Notes
MESDAG BV: Fitch Junks Rating on Class E Notes From 'BBB-'
OCEANTEAM B.V.: Declared Bankrupt by Amsterdam Court


R U S S I A

ALP-SERVIS LLC: Creditors Must File Claims by October 25
ARDON-STROY LLC: Creditors Must File Claims by October 25
BANK SOYUZ: Moody's Withdraws 'E' Bank Financial Strength Rating
MOSCOW BANK: Fitch Affirms Individual Rating at 'E'
MOSCOW CAPITAL: Moody's Withdraws 'E' Bank Strength Rating

GRAZHDAN-STROY CJSC: Creditors Must File Claims by October 25
KIT FINANCE: Moody's Withdraws 'Caa2' Currency Deposit Ratings
KVARTAL LLC: Creditors Must File Claims by October 25
MOSCOW BANK: Fitch Affirms Individual Rating at 'D/E'
NEVELSKIY MILK: Creditors Must File Claims by October 25

PENOVSKAYA FORESTRY: Court Names V.Shemigon as Insolvency Manager
SEVER-GEO LLC: Creditors Must File Claims by October 25
TARSK LES: Creditors Must File Claims by November 25
VAVILON LLC: Astrakhanskaya Bankruptcy Hearing Set November 26
VOLGOGRADSKIY VEHICLE: S. Kagitin Named Insolvency Manager

* RUSSIA: Moody's Sees Negative Rating Pressure on Banks


S W I T Z E R L A N D

DDL HORLOGERIE: Claims Filing Deadline is December 15
MUNOT TAXI: Claims Filing Deadline is December 22


U K R A I N E

LEON-MOKOM LLC: Creditors Must File Claims by October 18
NAFTOKHIMIK PRYKARPATTYA: Facing Bankruptcy, Delo Says
SAUS TOWN: Creditors Must File Claims by October 18
TRAY-LIDER LLC: Creditors Must File Claims by October 18
UKRIMPEKS-2000 LLC: Creditors Must File Claims by October 17

ZIZA LLC: Creditors Must File Claims by October 17


U N I T E D  K I N G D O M

COLT TELECOM: Moody's Lifts Corporate Family Rating to 'Ba3'
ITV PLC: Launches GBP135 Million Bond Issue
ITV PLC: Trading Update Relieves Pressure on Fitch's 'BB-' Rating
LANDMARK MORTGAGES: Fitch Cuts Rating on Class D Notes to 'CC'
LLOYDS BANKING: May Have to Pay "Break Fee" From Insurance Scheme

MERCHANT INNS: In Administration; Deloitte on Board
ROYAL BANK: Mulls Disposal of 312 Branches in England and Wales
ROYAL BANK: Mass Resignation at RBS Coutts Singapore Branch
TATA MOTORS: Raises US$750 Mln Through GDS, Convertible Notes Sale
WHITE YOUNG: Defers Test Date for Financial Covenants

* UK: PwC Says Pace of Corporate Failures Slowing
* UK: Aim Delistings Slowing, Statistics Show


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         *********



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A U S T R I A
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ANDREAS BRAUN: Claims Filing Deadline is November 3
---------------------------------------------------
Creditors of Andreas Braun Metallfertigung GmbH have until
November 3, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for November 17, 2009 at 10:00 a.m.

For further information, contact the company's administrator:

         Mag. Gerhard Rigler
         Hauptplatz 14
         2700 Wiener Neustadt
         Austria
         Tel: 02622/84 141
         Fax: 02622/84 141-24
         E-mail: office@hain-rechtsanwaelte.at


KOMMUNALKREDIT AUSTRIA: Moody's Cuts Bank Strength Rating to 'E'
----------------------------------------------------------------
Moody's Investors Service downgraded the bank financial strength
rating of Kommunalkredit Austria AG to E from D.  The long-term
senior debt and deposit ratings were downgraded to Baa1 from Aa3
and the subordinated liabilities to Baa2 from A1.  All these
ratings carry a stable outlook.  Kommunalkredit's short-term
rating was downgraded to Prime-2 from Prime-1.  At the same time,
Moody's also downgraded Kommunalkredit's subsidiary,
Kommunalkredit International Bank Ltd, and various hybrid
instruments of Kommunalkredit, as detailed below.

Moody's affirmed, with a stable outlook, Kommunalkredit's Aaa
ratings for debt guaranteed by the Republic of Austria.  The
rating actions conclude the review of Kommunalkredit and KIB
initiated in February 2009.

"The downgrade of Kommunalkredit's ratings reflects the bank's
lack of financial flexibility, as expressed by its negative equity
under IFRS principles.  However, the weakness of its standalone
credit quality is mitigated by Moody's expectation of ongoing
support from the Austrian government, which is now the bank's
owner following nationalization last year.  The Baa1 ratings
include a very high probability of systemic support, but also
incorporate a degree of longer-term uncertainty about the bank's
strategy and viability," said Dominique Nutolo, Assistant Vice
President and lead analyst for Austrian banks at Moody's.

   Downgrade of BFSR Due to Negative Equity and Lack of Capital
                       Generation Capacity

Kommunalkredit's downgraded E BFSR translates to a Baseline Credit
Assessment (BCA) of Caa2 and reflects Moody's assessment of the
bank's overall very strained financial profile.  The bank was
nationalised by the Republic of Austria (now a 99.78% shareholder)
after a liquidity squeeze in November 2008.  Mostly due to the
valuation losses of EUR2.6 billion on its excessive CDS portfolio
-- the group has sold protection of a nominal amount of EUR13.5
billion compared with total assets of EUR37.5 billion at the end
of 2008 -- Kommunalkredit group reported a consolidated pre-tax
loss of EUR1.5 billion for the 2008 financial year and negative
equity of EUR1.2 billion under IFRS.  Despite the bank reporting a
pre-tax profit of EUR225 million in H1 2009, its equity still
remains at a negative EUR490 million under IFRS accounting
principles.  The H1 result was driven by the positive valuation
result of the CDS portfolio of EUR343.4 million.

Despite its negative equity at a group level, Moody's notes that
Kommunalkredit is still classified as a going concern by the
Austrian regulator with a Tier 1 ratio of 8.3% at the end of
June 2009 under local GAAP.  Under local accounting rules, the
bank's financial performance has been unaffected by fair value
fluctuations as CDS are treated like guarantees.  Consequently,
the bank reported positive EUR604 million equity on a standalone
basis at the end of June.

However, Moody's ratings are based on the group's financials under
IFRS.  They are designed to show the financial performance of an
economic entity and are therefore in the focus of the financial
market participants, while the standalone financial statements
focus on the legal entity.  Therefore, Kommunalkredit's negative
equity under IFRS is a sign of its severe financial distress.

Moody's also remains concerned about the group's business
franchise as a public lender.  Its business model of short-term
funding and low-margin long-term lending to the public sector has
been exposed during the crisis as unsustainable and does not
supply a sufficient margin with which to buffer the high
volatility of Kommunalkredit's CDS portfolio.  In addition, the
business faces higher capital requirements, while the margins will
most likely be too low to generate sufficient returns on such
higher capital levels.

Moody's notes that Kommunalkredit's funding flexibility is very
constrained.  The bank previously relied on a high proportion of
medium- and short-term debt for the funding of its long-term
assets.  It now fully depends on the support of the Austrian
government for its refinancing.

According to Moody's, it may take the group an extended time to
become profitable again.  The low margins in its core business
leave only a small buffer against the increased funding costs and
the incremental costs for guarantees and capital provided by the
Republic of Austria.

As a consequence, Moody's believes that it will take at least
several years for Kommunalkredit to be able to again tap the
capital markets as a standalone, unsupported entity.  Market
access will likely remain limited until the group has been
restructured and shows sustainable profits from its core business.

Overall, Moody's believes that the E BFSR now adequately reflects
Kommunalkredit's profile given its negative equity and its
impaired franchise as a public lender with a low margin business
and -- in relative terms -- an oversized CDS portfolio.  As a
consequence, Kommunalkredit is currently dependent on outside
systemic support to continue as a going concern.

Moody's notes that Kommunalkredit in June 2009 provided a
restructuring plan to the European Commission, whose review has
not yet been finalised.  The plan proposes that the bank will be
divided into a 'going concern' bank and an entity to be wound
down.  Moody's understands that, despite the bank's planned break-
up, the future entities will both be liable for all legacy
obligations.  Therefore, it believes that the restructuring will
have no impact on the financial strength of the 'going concern'
bank or the entity to be wound down.  According to the
restructuring plan, the 'going concern' bank will focus on
municipal and infrastructure-related project business going
forward.  The rating agency will reassess the bank's credit
profile once the restructuring plan has been agreed with the
European Commission.

The stable outlook on the E BFSR reflects Moody's view that, in
the short-to-medium term, there is very limited upward pressure on
the rating.  Any upgrade would depend on the group being
adequately recapitalised and returning to profitability, and its
franchise recovering on a sustained basis, among other factors.

    Senior Debt Ratings Receive Large Uplift Due to Very High
                 Probability of Systemic Support

Kommunalkredit's Baa1 long-term debt and deposit ratings benefit
from Moody's assessment of a very high probability of systemic
support (demonstrated by the rescue and takeover of the bank by
the Republic of Austria in the course of the financial crisis) and
therefore receive a multi-notch uplift from the BCA.

Despite the bank's nationalization and the support from the Aaa-
rated Austrian government, the Baa1 ratings reflect the bank's
impaired franchise and longer-term uncertainty about its future as
a standalone viable entity.

The stable outlook on the senior debt ratings reflects Moody's
view that, in the short term, there is only very limited up or
downside potential for the ratings.  Moody's believes that the
Republic of Austria will be able to sell the bank only in the
medium-to-long term, which could then exert adverse pressure on
the ratings as the rating agency would reassess the probability of
systemic support.  Positive pressure on the ratings could be
exerted by either a multi-notch upgrade of the BFSR or by the
Republic of Austria's explicit guarantee of all outstanding debt.
Moody's believes that both scenarios are very unlikely at the
moment.

       Downgrade of Hybrid Instruments Reflects Increased
                      Risk of Coupon Losses

Moody's notes that coupon losses for Kommunalkredit's hybrid
securities have become very likely since the company announced
that it expects a net loss for the 2009 financial year on its
standalone financial statements under local GAAP and therefore
does not expect to pay coupons on its hybrid instruments in 2010
for the 2009 financial year.

   i) Moody's downgraded Kommunalkredit's participation capital
      notes (ISINs: XS0252707624, XS0285503248) to Ca from Caa1.
      The downgrade reflects the rating agency's expectation of a
      high likelihood that coupons will not be paid for 2009 and
      2010 and 2011 due to a breach of the distributable profit
      trigger and a high likelihood of a principal write-down, as
      announced by the bank.  The instruments are non-cumulative.

  ii) The Capital Notes issued by Kommunalkredit Capital I Limited
      (ISINs: DE000A0DHT43) were downgraded to Ca from Caa1 as a
      result of the high likelihood of three coupon losses for
      2009 and 2010 and 2011.  The instruments have a
      distributable profit trigger and are non-cumulative.
      Moody's believes that Kommunalkredit's reserves are not
      sufficient to compensate for losses in coming years.

iii) Moody's downgraded Kommunalkredit's JPY5 billion
      Schuldscheindarlehen, due 2034 and the bank's Subordinated
      notes (ISINs: XS0270579856, XS0284217709) to Ca from B1.
      The downgrade reflects the rating agency's expectation of a
      high likelihood that coupons will not be paid for 2009 and
      2010 and 2011 due to a breach of the net loss trigger.  Due
      to the net loss principal write-down trigger and the bank's
      announcement that it expects to report a loss in 2009, there
      is an increased likelihood of a principal write-down.  The
      instruments are cumulative and have a long maturity (2019,
      2021 and 2034).  However, due to Kommunalkredit's current
      financial performance, it is uncertain whether deferred
      coupons will be paid out in the future.

The outlook on all the hybrid instruments is stable.

          Downgrade Of Kib's BFSR And Long-Term Ratings

Moody's downgraded KIB's BFSR to E (BCA of Caa2) from D, its long-
term ratings to Baa2 from A1 and its short-term rating to Prime-2
from Prime-1.

KIB's ratings are fully aligned with the ratings of its parent
Kommunalkredit, reflecting that the 100% subsidiary is an integral
part of Kommunalkredit.  KIB has stopped initiating new business
and is now in the process of winding down its operations.  The
bank will most likely be absorbed by its parent in the course of
the group's restructuring.

The one-notch difference between the long-term ratings of the
parent (Baa1) and the ratings of KIB (Baa2) reflect the lower
probability of systemic support for a foreign subsidiary.

                         Rating History

Moody's previous rating action on Kommunalkredit was implemented
on February 17, 2009, when the rating agency downgraded the bank's
BFSR to D from C- and kept all the ratings, including the Aa3
senior debt and deposit ratings, on review for further downgrade.

Headquartered in Vienna, Kommunalkredit Austria reported
consolidated assets of EUR33.5 billion at the end of June 2009 and
an after-tax profit of EUR224.6 million in H1.


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B U L G A R I A
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* BULGARIA: Corporate Bankruptcies Up 141% in September 2009
------------------------------------------------------------
The number of Bulgarian companies going bankrupt increased by 141%
in September 2009 as a result of the global economic crisis,
Novinite.com reports.

Citing statistical data of credit solution provider Coface
Bulgaria, Novinite.com says a total of 239 bankruptcy filing
procedures have been initiated in Bulgaria since the beginning of
2009, compared to 99 procedures for the same period in 2008.

According to Novinite.com, the most bankruptcies have been
registered in agriculture and city economy.


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F R A N C E
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BELVEDERE SA: Court Defers Decision on Rescue Plan Until Nov. 10
----------------------------------------------------------------
Ladka Bauerova at Bloomberg News reports that Belvedere SA's
creditors said the commercial court in Dijon postponed a ruling on
the company's rescue plan until Nov. 10, demanded that the company
publishes earnings, and recommended asset sales.

Bloomberg relates that the creditors, represented by Paris-based
HeadLand Consultancy, said in an e-mailed statement Tuesday the
company was told by the court to "considerably improve its rescue
plan".

According to Bloomberg, Belvedere Chairman and Chief Executive
Officer Jacques Rouvroy said in a telephone interview Tuesday the
company, which was granted court protection from creditors last
year, will publish its delayed earnings for the first half of this
year on or after Oct. 30.  Mr. Rouvroy disputed the creditors'
claim that the court recommended selling some of the company's
operations in Poland and France, Bloomberg notes.

Belvedere SA -- http://www.belvedere.fr/-- is a France-based
company engaged in the production and distribution of beverages.
The Company’s range of products includes vodka and spirits, wines,
and other beverages, under such brands as Sobieski, William Peel,
Marie Brizard, Danzka and others.  Belvedere SA operates through
its subsidiaries, including Belvedere Czeska, Belvedere
Scandinavia, Belvedere Baltic, Belvedere Capital Management,
Sobieski SARL and Sobieski USA, among others.  It is present in a
number of countries, such as Poland, Lithuania, Bulgaria, Denmark,
France, Spain, Russia, Ukraine, the United States and others.  In
addition, the Company holds a minority stake in Abbaye de
Talloires, involved in the hotel and wellness centre activities.


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ARCANDOR AG: Metro May Drop Plan to Buy Karstadt Stores
-------------------------------------------------------
Holger Elfes and Mike Gavin at Bloomberg News report that Metro AG
may scrap a plan to buy Karstadt department stores from rival
Arcandor AG.

Bloomberg relates Handelsblatt, citing Metro deputy chief
executive officer Thomas Unger, reported Tuesday the company will
instead aim to sell its own Kaufhof department store unit, because
it doesn't fit into its strategy of international expansion.

Bloomberg recalls Metro has said it is interested in buying about
60 of the more than 120 existing Karstadt stores to combine them
with Kaufhof.

                         About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a local court in Essen formally
opened insolvency proceedings for the Arcandor on Sept. 1.
Bloomberg disclosed the proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

As reported in the Troubled Company Reporter-Europe, on June 9,
2009, Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees.  On June
8, 2009, the government rejected two applications for help by the
company, which employs 43,000 people.  The retailer sought loan
guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.


ARCANDOR AG: Sal. Oppenheim to Further Reduce Stake
---------------------------------------------------
Sal. Oppenheim plans to unload all of its investment in Arcandor
AG within the next few weeks, Eva Kuehnen and Alexander Huebner at
Reuters report, citing a source close to the matter.

Reuters relates Arcandor said earlier on Tuesday cut its stake in
Arcandor to 9.69% from 24.9% as of Oct. 9.  According to Reuters,
the financial source said the shares had been sold in the market
in small tranches.  Reuters notes the source added it could be
expected that Sal. Oppenheim would reduce its stake further toward
zero in the near term and before the end of the year.

                          About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

On Sept. 2, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that a local court in Essen formally
opened insolvency proceedings for the Arcandor on Sept. 1.
Bloomberg disclosed the proceedings started for the Arcandor
holding company and for 14 units, including the Karstadt
department-store chain and Primondo mail-order division.

As reported in the Troubled Company Reporter-Europe, on June 9,
2009, Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees.  On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people.  The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.


DEUTSCHE HYPOTHEKENBANK: Fitch Affirms Junk Ratings on Three Notes
------------------------------------------------------------------
Fitch Ratings has affirmed the notes issued by Deutsche
Hypothekenbank (Actiengesellschaft), Hannover 1999-1 and taken
other rating actions:

  -- EUR3.5 million class Ma (DE0002537867) affirmed at 'A';
     Outlook Stable

  -- EUR1.1 million class Mb (DE0002537875) affirmed at 'A';
     Outlook Stable

  -- EUR9.7 million class B-1A (DE0002537883) affirmed at 'BB';
     Outlook revised to Stable from Negative

  -- EUR9 million class B-1B affirmed at 'BB'; Outlook revised to
     Stable from Negative

  -- EUR5 million class B-2aA (DE0002537891) affirmed at 'CCC';
     Recovery Rating revised to RR4 from RR3

  -- EUR2 million class B-2aB affirmed at 'CCC; RR revised to RR4
     from RR3

  -- EUR5 million class B-2b (DE0002537909) affirmed at 'CCC'; RR
     revised to RR5 from RR3

The transaction is performing in line with current expectations
following its downgrade in May 2007.  The securitized portfolio
comprises the second lien or upper loan to value portions of 123
commercial mortgage loans, predominantly backed by retail, office
and residential properties located across Germany.  In August
2009, the securitized loan balance totalled EUR38.5 million,
equating to 14% of the original portfolio balance.  A total 22.6%
(by balance) of the current portfolio, or EUR8.7 million, is
currently in arrears (EUR0.2 million), restructuring agreements
(EUR7.4 million) or foreclosure (EUR1.1 million).  A non-rated
first loss piece continues to absorb losses and currently stands
at EUR3.2 million (or 34% of its original balance).

The weighted average loan-to-value ratio of the portfolio
increased to 139% in August 2009 from 82% at closing in November
1999.  The decline is predominantly the result of the
deterioration in the underlying property markets.  Losses of
EUR6.1 million have been incurred to date, with a loss severity of
100% on the securitized portion, since all recoveries (usually
derived from auction sales) have been insufficient to fully redeem
the senior-ranking, but not securitized first lien portions of the
affected loans.

In its analysis, Fitch assumed that for the majority of EUR8.7
million delinquent/defaulted/restructured loans, eventual losses
will be incurred as a result of involuntary asset sales, with the
historical loss severity of 100% for the securitized portion.
Similarly it is assumed that a lesser percentage of the EUR29.8
million current loans will default over time and further increase
the losses in the transaction.  This method of calculating the
"likelihood of a loss occurrence" for different stress scenarios
is not a reflection of Fitch's current commercial mortgage backed
securities surveillance criteria, but has instead been
specifically developed for the DHH transaction to address its
unique features, including its synthetic nature and the collateral
type (second lien).

The issuer has the right to redeem all outstanding notes if less
than 10% of the original portfolio remains outstanding.


GENERAL MOTORS: German Workers at Opel Unit Agree to Wage Freeze
----------------------------------------------------------------
Andreas Cremer and Chris Reiter at Bloomberg News report that
German workers at General Motors Co.'s Opel unit agreed to freeze
wages and cut bonuses.

Bloomberg relates Harald Lieske, works council chief at the plant
in Eisenach, said in a phone interview yesterday at the plant in
Eisenach, the labor accord, which is contingent upon Opel
employees getting a 10% stake in the company, will help achieve
annual savings of about EUR175 million (US$261 million) at the
carmaker's four German factories,

Bloomberg says the concessions are part of Magna International
Inc.'s terms for buying Ruesselsheim, Germany-based Opel and its
Vauxhall brand in Britain.  Bloomberg recalls Magna, Canada's
largest auto-parts maker, and partner OAO Sberbank, Russia's
biggest lender, agreed to invest EUR500 million in Opel in return
for a combined 55% stake.

According to Bloomberg, Mr. Lieske said Opel workers in Germany
will forego increases in regular pay through 2011, and they
accepted a 50% cut in vacation pay and a 75% reduction in
Christmas bonuses in 2010 and 2011.  Mr. Lieske, as cited by
Bloomberg, said Magna also won't contribute to Opel pension
programs for the next two years.

                        About General Motors

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- as founded in 1908.  GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries.  In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.

As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009.  This compares with a reported net loss of US$3.3 billion
in the year-ago quarter.  As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000).


QUOKKA FINANCE: Moody's Cuts Rating on Class E Notes to 'B1'
------------------------------------------------------------
Moody's Investors Service said that it has downgraded these
classes of notes issued by Quokka Finance p.l.c.:

  -- EUR400M Class A Secured Floating Rate Notes due 2016,
     Downgraded to Aa1; previously on August 16, 2006 Definitive
     Rating Assigned Aaa

  -- EUR78.9M Class B Secured Floating Rate Notes due 2016,
     Downgraded to A1; previously on April 8, 2009 Aaa Placed
     Under Review for Possible Downgrade

  -- EUR40.1M Class C Secured Floating Rate Notes due 2016,
     Downgraded to Baa1; previously on April 8, 2009 Aa1 Placed
     Under Review for Possible Downgrade

  -- EUR58.5M Class D Secured Floating Rate Notes due 2016,
     Downgraded to Ba1; previously on April 8, 2009 Aa3 Placed
     Under Review for Possible Downgrade

  -- EUR40M Class E Secured Floating Rate Notes due 2016,
     Downgraded to B1; previously on April 8, 2009 Baa2 Placed
     Under Review for Possible Downgrade

The rating actions conclude the review for possible downgrade,
which Moody's initiated on April 8, 2009.  The rating actions take
Moody's updated central scenarios into account, as described in
Moody's Special Report "Moody's Updated on Its Surveillance
Approach for EMEA CMBS".

1) Transaction Overview

Quokka Finance p.l.c closed in August 2006 and involved the
refinancing of the borrower group's liabilities that mainly
originated from the acquisition of several housing companies and
property portfolios located in Germany.  In total, the borrower
group, consisting of 11 borrowers, acquired 18,979 residential
units, 4,723 parking lots and garages and 554 small commercial
properties.  The property portfolio is diversified throughout
Germany with concentrations in Lower Saxony, North-Rhine-
Westphalia, Berlin and Schleswig-Holstein.

At closing, all 11 loans provided to the borrowers were cross-
collateralized through a guarantee structure.  If any of the
borrowers suffers a cash shortfall, a cross- guarantee provides
that any other borrower has to make the cash shortfall whole.
Initially, all 11 borrowers were owned by a joint venture of
Babcock & Brown and GPT Group (the "Original Sponsors").  In Q1
and Q2 2007, the Original Sponsors sold the majority shares in two
of the borrowers to Colonia Real Estate (the "New Sponsor").  As a
result of the change of sponsor, the loans of the two disposed
borrowers are no longer cross-collateralized with the remaining
portfolio.

2) Rating Rationale

The rating actions were prompted by (i) the property value decline
that Moody's anticipates for large multi-family portfolios since
the peak of the market in 2007; (ii) the lower than initially
expected cash flows generated by the property portfolio,
influencing negatively Moody's value assessment; (iii) the
substantially increased refinancing risk for the loans given the
transaction's size, leverage and the maturity of all loans in
2013; and (iv) the increased disparity in credit quality of the
loans combined with the pro-rata allocation of loan prepayments.

In Moody's view, the default risk of the securitized loans has
increased substantially compared to closing.  Coupled with the
negative impact of a significantly reduced portfolio value,
Moody's expects a moderate amount of losses on the securitized
portfolio.  Given the back-loaded default risk profile and the
anticipated work-out strategy for defaulted loans, these expected
losses will only crystallize towards the end of the transaction
term.

The available subordination protects the more senior notes against
those losses.  However, the variability around the expected loss
has also increased, resulting in the downgrades.
Since closing, only 5.1% of the initial loan portfolio has prepaid
as a result of scheduled amortization and guarantee release premia
paid in conjunction with the disposal of shares in two of the
borrowers to the New Sponsor.  As a result, the senior classes
have not benefited from a meaningful increase in subordination
levels since closing.

On an aggregated portfolio basis, the current Moody's note-to-
value (NTV) of 52.1% for the Class A notes, 63.2% for the Class B
notes, 68.8% for the Class C notes, 77.1% for the Class D notes
and 82.7% for the Class E notes provides some property value
cushion, but this cushion has already been eroded since closing
and Moody's expects further erosion until 2011.

The current Moody's loan-to-value (LTV) levels range from 73.5%
(for the Domus Loan) to 92.6% (for the Emersion Loan), which
increases the rating sensitivity of the more senior notes in the
transaction to loan prepayments.  Moody's notes that the highest
rating variability is for the Class A and Class B notes.  For
scenarios where the stronger loans prepay before loan maturity,
the NTV levels for senior notes are expected to increase in tandem
with the NTV levels of junior notes since loan prepayments will be
applied effectively pro rata to all classes of notes.  In these
scenarios, the subordination available to more senior notes does
not increase in order to mitigate the negative effect of the
increased expected loss of the then remaining loan portfolio.

3) Transaction Performance History

Coverage and Cash Flows.  Since closing, the weighted-average debt
service cover ratio (WA DSCR) has been continuously higher than
anticipated at closing.  However, a significant portion of the
cash flow available for debt service as defined in the loan
agreement comprises amounts standing to the credit of the
borrowers accounts at the previous interest payment date.  While
the coverage under the loans currently benefits from this
additional cash in the structure, the borrowers have no
contractual obligation to retain the cash within the transaction
subject to the DSCR covenant of 1.05x.  Excluding cash on the
borrowers accounts, the net cash flows generated by the underlying
portfolio continue to be lower than Moody's anticipated at
closing.

Vacancy Rates.  The vacancy rate in the property portfolio had
increased to 15.1% as of June 2009 from 12.7% at closing.  Vacancy
rates range significantly between the sub-portfolios from 0% in
the Annenhoefe Loan portfolio to 22% in the Emersion Loan
portfolio.

Values.  The underwriter's (UW) value of the portfolio was
EUR802.5 million at closing of the transaction.  The portfolio was
revalued in May 2008 at EUR912.2 million (+13.7%).

Property Sales.  At closing, the sponsor's business plan targeted
property disposals and income increases through vacancy rate
reductions.  The Original Sponsors have not disposed of any assets
to date in form of property or unit by unit sales.  However, due
to the sale of shares in two of the borrowers, the Original
Sponsors economically sold 39.3% of the initial portfolio by
property value.

In 2007, 99.6% of the shares in the Emersion Borrower and the
Domus Borrower were disposed and guarantee release premia of
EUR7.6 million were paid to release the respective borrowers from
their obligation to guarantee the liabilities of the other nine
borrowers.  Neither loan was prepaid following the share sale as
the provisions for an asset control transfer event that would
result in a mandatory prepayment of the loans were not met.
Accordingly, the transaction currently consists of 11 loans
granted to 11 borrowers, of which nine are cross-collateralized
and ultimately owned by the Original Sponsors and two loans that
are not cross-collateralized with any other loan in the
transaction and the respective borrowers are ultimately owned by
the New Sponsor.

As a result of scheduled amortization and payment of guarantee
release premia, the aggregated loan balance has reduced by
approximately EUR33.85 million since closing.  Taking into account
the latest valuation performed in May 2008, the total weighted
average LTV (WA LTV) of the borrowers was 64.2% as of June 2009,
compared to 77% at closing.  The reported LTV is based on the
portfolio value as of closing and was 73% as of June 2009.

Within the transaction, scheduled amortization is applied
sequentially to the notes while prepayments are allocated on a
pro-rata basis to the loans and the notes as long as the WA LTV of
the pool is below 75%.  Accordingly, any loan prepayments would
not have a positive impact on transaction leverage but would
decrease the diversification of the underlying portfolio.

Overall, the transaction continues to perform below Moody's
initial expectations due to increasing vacancy in some of the sub-
portfolios and the lower than initially expected deleveraging of
the transaction, which combined with property value decline
results in a higher than originally expected refinancing risk in
2013.

4) Moody's Portfolio Analysis

Property Portfolio Cash Flows.  The rental income, which is
derived solely from the rent collections within the property
portfolio, has consistently decreased since closing, mainly driven
by the increasing vacancy rate in the property portfolio.  Moody's
notes that cash available on the borrowers accounts comprises a
significant portion of cash flows available for debt service.
Overall, rental income is expected to continue under-performing
Moody's initial assumptions in the future.

Property Values.  The number of transactions involving larger
multi-family portfolios in Germany has decreased significantly
since the peak of the market in 2006 and 2007.  Moody's assumes
that since closing, the aggregate value of the portfolio has
decreased by 12.1% to EUR705.6 million and may drop further to a
trough value of EUR670.4 million in 2010/2011.  Moody's applied
values reflect both the reduced interest in acquiring larger
multi-family portfolios in Germany and the restricted availability
of financing for portfolios of this size.  In deriving these value
assessments, Moody's took into account a lower than reported
annual net cash flow of EUR38.2 million mainly due to higher
assumptions regarding ongoing capex and maintenance requirements
and excluding the amounts currently on the borrowers accounts.
Moody's took these property values into account when assessing the
default risk at maturity and the loss given default of the
securitized loans.  Based on Moody's value assumptions, the
transaction's current total LTV is around 83%, increasing to 86%
based on trough values.

Default Risk and Refinancing Risk.  Compared to Moody's closing
analysis, the term default risk of the loans has increased given
the lower than expected cash flows generated by the property
portfolio as well as the absence of property sales.  Overall, in
Moody's view, the main default risk of the loans is still the
refinancing risk with the respective default probability varying
between the securitized loans.  Given the increased Moody's LTVs
of the loans and the relatively high total debt balance to be
refinanced in 2013, the default risk of the loans at maturity has
in Moody's opinion increased substantially.

Structural Aspects.  Moody's believes that additionally to the
refinancing risk another main weakness of the transaction is the
allocation of the prepayment proceeds.  Adverse selection might
occur through the prepayment of better (lower levered) loans and
pro-rata allocation of the proceeds, while the transaction remains
exposed to the weaker performing loans and borrowers without
building up incremental subordination for more senior notes.  In
some scenarios, this could potentially be accompanied by loss of
the cross-collateralization advantage.

Increased Loss Exposure.  Taking into account the increased
default risk of the loans, Moody's decreased property values and
the expected future value development, Moody's anticipates a
moderate amount of losses on the loan portfolio.  The available
subordination protects the more senior notes against those losses,
but the variability around the expected loss has increased as
well, resulting in the downgrades.  In contrast, the Class E Notes
do not benefit from any credit subordination and would be hit by
any loss occurring in the portfolio.


===========
G R E E C E
===========


DRYSHIPS INC: Inks Debt Waiver with Nord LB and West LB
-------------------------------------------------------
DryShips Inc. on October 13 said that it has signed agreements
with Nord LB and West LB on waiver terms for $116 million and
$67 million respectively of our outstanding debt.

George Economou, Chairman and Chief Executive Officer, commented:
"I am pleased to report another set of waivers from our banks who
remain extremely supportive of DryShips.  We are now left with
$187.5 million of outstanding debt, where constructive discussions
with the banks continue for waivers and we expect to have those
concluded shortly."

                        About DryShips Inc.

DryShips Inc. -- http://www.dryships.com/-- based in Athens,
Greece, is an owner and operator of drybulk carriers and offshore
oil deep water drilling that operate worldwide.  DryShips owns a
fleet of 41 drybulk carriers comprising 7 Capesize, 30 Panamax, 2
Supramax and 2 newbuilding Drybulk vessels with a combined
deadweight tonnage of over 3.7 million tons, 2 ultra deep water
semisubmersible drilling rigs and 4 ultra deep water newbuilding
drillships.  DryShips Inc.'s common stock is listed on the NASDAQ
Global Market where trades under the symbol "DRYS".


=============
H U N G A R Y
=============


MAV ZRT: Bankruptcy Seen Early Next Year Absent Gov't Bailout
-------------------------------------------------------------
Edith Balazs at Bloomberg News, citing Magyar Hirlap, reports that
MAV Zrt., Hungary's state railway, may go bankrupt at the
beginning of next year unless the government provides additional
financing to the heavily indebted company.

According to Bloomberg, the newspaper said state support for MAV
will be lowered by HUF40 billion (US$222 million) in 2010 under
next year's budget draft, forcing the rail company to get loans to
secure the financing of its operations.

Headquartered in Budapest, Hungary, MAV Zrt. is 100% government-
owned and the country's vertically integrated incumbent national
railway operator.  In FY2008, MAV reported revenues of HUF179
billion (around EUR650-670 million) and received HUF191 billion in
reimbursements for costs from the government.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on July 3,
2009, Moody's Investors Service downgraded to Ba1 from Baa2 the
Corporate Family Rating of MAV Zrt Hungarian State Railways.
Moody's said the outlook for the rating is negative.


* HUNGARY: Liquidation Procedures Up 37% in September 2009
----------------------------------------------------------
MTI-ECONEWS, citing company information services provider Opten,
reports that the number of liquidation procedures initiated
against Hungarian companies rose 37% to 1,400 in September 2009
from the same month a year earlier.

The number in January-September was up 34% from the same period a
year earlier, the report discloses.

According to the report, 58 companies filed for bankruptcy
protection in the January to September period, still more than the
usual 10 to 15 a year.


=============
I R E L A N D
=============


NEW BOND: S&P Downgrades Ratings on Class A Notes to 'D'
--------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' its
credit rating on the class A notes issued by New Bond Street CDO 2
PLC.

This downgrade follows S&P's receipt of an event of default notice
from the trustee.  The notice stated that on the most recent
interest payment date, and on the subsequent five business days,
the issuer did not have sufficient funds to pay interest amounts
due on the class A notes.  As S&P's rating on the class A notes
addresses payment of timely interest and ultimate principal on the
notes, S&P lowered its rating to 'D'.


=========
I T A L Y
=========


IT HOLDING: Says Banks Still Evaluating Request for Credit Lines
----------------------------------------------------------------
Marco Bertacche and Armorel Kenna at Bloomberg News report that IT
Holding SpA said that banks are still evaluating its request for
new credit lines.

As reported in the Troubled Company Reporter-Europe, Bloomberg
said IT Holding was granted bankruptcy protection in February
along with all of its units after failing to make payments to
lenders and suppliers.

                        About IT Holding SpA

Based in Milan, Italy, IT Holding SpA (BIT:ITH) --
http://www.itholding.com/-- operates in the luxury goods market.
The company and its subsidiaries design, produce and distribute
apparel, accessories, eyewear and perfumes.  Its brand portfolio
embraces: owned brands, Gianfranco Ferre, Malo, Exte, as well as
licensed brands, Versace Jeans Couture, Versace Sport, Just
Cavalli, C'N'C Costume National and Galliano.  The company's
production facilities are located in Italy.  IT Holding SpA has a
worldwide distribution network, including 39 directly operated
stores, 274 monobrand stores and over 6,000 department and
specialty stores.  In order to be present in the most significant
markets, IT Holding SpA has dedicated market companies: ITTIERRE
SpA, ITTIERRE France SA, ITTIERRE Moden GmbH, IT USA HOLDING Inc
and IT Asia Pacific Limited, among others.


===================
K A Z A K H S T A N
===================


KALIOPPA LLP: Creditors Must File Claims by October 21
------------------------------------------------------
Creditors of LLP Kalioppa have until October 21, 2009, to submit
proofs of claim to:

         Chapaev Str. 2
         Podstepnoye
         Terektinsky District
         West Kazakhstan
         Kazakhstan
         Tel: 8 (7113) 23-64-72

The Specialized Inter-Regional Economic Court of West Kazakhstan
commenced bankruptcy proceedings against the company on June 2,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 37
         Uralsk
         Kazakhstan


KBE INVEST: Creditors Must File Claims by October 21
----------------------------------------------------
LLP Kbe Invest Project is currently undergoing liquidation.
Creditors have until October 21, 2009, to submit proofs of claim
to:

          Dostyk Ave. 87v
          Almaty
          Kazakhstan


MAMANGER LTD: Creditors Must File Claims by October 21
------------------------------------------------------
Creditors of LLP Mamanger Ltd have until October 21, 2009, to
submit proofs of claim to:

         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of South Kazakhstan
commenced bankruptcy proceedings against the company on July 8,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Tynybaev Str. 42
         Shymkent
         Kazakhstan


MASHKUR LLP: Creditors Must File Claims by October 21
-----------------------------------------------------
Creditors of LLP Mashkur have until October 21, 2009, to submit
proofs of claim to:

         Micro District Taugul 1, 89-22
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on July 20, 2009, after
finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Baizakov Str. 273b
         Almaty
         Kazakhstan


ORAL INTERIER: Creditors Must File Claims by October 21
-------------------------------------------------------
Creditors of LLP Oral Interier have until October 21, 2009, to
submit proofs of claim to:

         Chapaev Str. 2
         Podstepnoye
         Terektinsky District
         West Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of West Kazakhstan
commenced bankruptcy proceedings against the company on July 2,
2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 37
         Uralsk
         Kazakhstan
         Tel: 8 (7113) 23-64-72


===================
K Y R G Y Z S T A N
===================


ENIKOM STROY: Creditors Must File Claims by October 28
------------------------------------------------------
LLC Enikom Stroy Service is currently undergoing liquidation.
Creditors have until October 28, 2009, to submit proofs of claim
to:

         Isakeyev Str. 1a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 69-02-61


LINE PROFI: Creditors Must File Claims by October 28
----------------------------------------------------
LLC Line Profi is currently undergoing liquidation.  Creditors
have until October 28, 2009, to submit proofs of claim to:

         Togolok Moldo Str. 21
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 59-46-89


KYRGYZ STROY: Creditors Must File Claims by October 28
------------------------------------------------------
LLC Kyrgyz Stroy Keramika Ltd. is currently undergoing
liquidation.  Creditors have until October 28, 2009, to submit
proofs of claim to:

         Toktogul Str. 230
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 38-95-01


===================
L U X E M B O U R G
===================


DEXIA FUNDING: Fitch Junks Ratings on Two Hybrid Securities
-----------------------------------------------------------
Fitch Ratings has downgraded two of Dexia's ('A+'/'F1+'/Outlook
Stable) hybrid securities to 'CCC' from 'B' and maintained them on
Rating Watch Negative.  The rating action follows the bank's
October 9, 2009 announcement that it will waive the next coupon
payment on one of its hybrid securities.  The agency has
simultaneously maintained the 'B' rating of a third hybrid note
issued by Dexia on RWN.  The rating actions are detailed below.

The rating actions follow Fitch's prior rating actions on Dexia's
three Tier 1 hybrid instruments which were downgraded to 'B' and
placed on RWN on August 20, 2009.  On that date, the agency
highlighted the increased risk of deferral of interest payments on
hybrid instruments for banks that had received significant state
support, based on the European Commission's stance on the hybrid
capital of state-aided banks within the European Union, in
particular the application of the "burden-sharing" concept.

The rating actions are:

* Hybrid security XS0273230572 issued by Dexia Funding Luxembourg:
  downgraded to 'CCC' from 'B'; remains on RWN.  The downgrade of
  this hybrid security follows Dexia's announcement that it will
  waive the next coupon payment due on November 2, 2009.  The RWN
  reflects Fitch's concern over the potential deferral of future
  coupon payments.

* Hybrid security FR0010251421 issued by Dexia Credit Local:
  downgraded to 'CCC' from 'B'; remains on RWN.  The downgrade of
  this hybrid security reflects the agency's view that, since the
  coupon payment date of this note is close (November 18, 2009) to
  that of XS0273230572, it is highly likely that the coupon on
  this note will also be waived.  The RWN similarly reflects
  Fitch's concern over the potential deferral of future coupon
  payments.

* Hybrid security XS0132253468 issued by Dexia Banque
  Internationale a Luxembourg: 'B'; maintained on RWN.  This
  security has been maintained on RWN to reflect the possibility
  of a coupon deferral on this instrument.  The next coupon on
  this note is due on July 6, 2010.


DEXIA FUNDING: Nonpayment of Coupons Cue S&P's Junk Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'CC' from 'B' the ratings on EUR500 million in hybrid capital
securities issued by Dexia Funding Luxembourg S.A. and
EUR700 million in hybrid capital securities issued by Dexia Credit
Local.  S&P also placed both ratings on CreditWatch with negative
implications.

In a related action, S&P affirmed its 'B' ratings on Dexia's other
hybrid and junior subordinated debt instruments.  This rating
action does not affect the counterparty credit ratings on Dexia
group's core operating entities.

The downgrade on the EUR500 million DFL hybrid instrument follows
the Dexia's announcement on Oct. 9, 2009, that it would not pay
the next coupon due on Nov. 2, 2009.

Dexia announced that the payment on the coupon is discretionary.

The decision to suspend coupon payment follows the European
Commission's communication on Oct. 8, 2009 that banks under EC
investigation should refrain from making payments that could
reduce its capitalization, which includes coupons on hybrid
instruments.

"The downgrade on the EUR700 million DCL hybrid instrument takes
into account S&P's opinion that the payment of the next coupon due
on the instrument on Nov. 18, 2009 is optional and will very
likely be deferred," said Standard & Poor's credit analyst Taos
Fudji.

"We have affirmed the 'B' ratings on the other Tier 1 and upper
Tier 2 instruments mainly because S&P believes that the coupons
due in the immediate future are nondiscretionary according to
their terms and conditions," said Mr. Fudji.

The 'B' ratings reflect S&P's concern that the deferral risk on
coupon payment will remain elevated as long as Dexia's discussions
with the EC over approval of its restructuring plan are
continuing.  That's because S&P believes that the EC's position is
that government funds granted to struggling banks should be
retained to strengthen capitalization and should not be paid out
to shareholders or holders of other capital instruments, including
hybrid securities.  Despite this position, S&P understands that
the EC is expected to respect the terms and conditions of the
hybrid and junior subordinated capital instruments.

The negative implications on the CreditWatch placement of the DFL
and DCL hybrid instruments reflect the high likelihood of deferral
on the next coupon payments due Nov. 2 and Nov. 18, 2009.

S&P would lower the junior subordinated debt rating assigned to
these issues to 'C' if the coupon is missed on the day it is due.
Under its criteria, S&P use the 'C' rating when coupon suspension
is in accordance with the terms of a hybrid instrument.


=====================
N E T H E R L A N D S
=====================


AEGON NV: Raises US$650 Million for U.S. Operations
---------------------------------------------------
Aegon N.V. has successfully completed a capital management
transaction that will make available approximately US$650 million
of additional regulatory capital to its US operations.  The
transaction, which has an initial size of US$900 million, serves
to realize the value of a portion of future profits associated
with an existing book of traditional life business.  The term of
the transaction between AEGON and JPMorgan Chase Bank is ten
years.

"Improving returns of AEGON's businesses continues to be one of
our key priorities," said AEGON CFO Jan Nooitgedagt.  "This latest
transaction, which is part of our capital preservation program,
will further strengthen our overall capital position and enable us
to manage our capital more effectively."

Between the third quarter of 2008 and the second quarter of 2009,
AEGON released EUR3.3 billion of capital from its businesses and
is committed to exploring additional capital preservation
initiatives.

                                (in EUR millions)
    Key figures            2nd Quarter    Full Year 2008
    -----------            -----------    --------------
    Underlying earnings
    before tax                   404           1,570
    New life sales               469           2,630
    Gross deposits             6,800          40,750
    Revenue generating
    investments              342,000         332,000
    (End of period)

Headquartered in The Hague, Netherlands, Aegon N.V. --
http://www.aegon.com/-- operates as a life insurance and pension
company.  The company's businesses focus on life insurance,
pensions, savings and investment products.  The AEGON Group is
also active in accident, supplemental health, general insurance
and some limited banking activities.  The company's major markets
are the United States, the Netherlands and the United Kingdom.  In
addition, AEGON operates in over 20 other markets in the Americas,
Europe and Asia.  The AEGON Group has four geographic segments:
the Americas (which include the United States, Canada and Mexico),
the Netherlands, the United Kingdom, and Other Countries, which
include Hungary, Spain, Taiwan, China, Poland and a number of
other countries with smaller operations.  In December 2007, AEGON
USA acquired 100% of the shares of Merrill Lynch Life Insurance
Company and ML Life Insurance Company of New York.

                       *     *     *

AEGON received EUR3 billion in aid from the Dutch government last
year to bolster capital amid the global financial crisis.

Aegon NV posted a net loss of EUR161 million in the second quarter
of 2009, its fourth straight quarterly loss.  The second-quarter
loss was driven by EUR393 million of asset writedowns as well as a
loss of EUR385 million on the sale of its Taiwanese life-insurance
unit to Zhongwei Co.


LEO MESDAG: Fitch Cuts Ratings on Two Classes of Notes to 'B'
-------------------------------------------------------------
Fitch Ratings has downgraded Leo Mesdag's CMBS notes:

  -- EUR642.5 million class A (XS0266637171) downgraded to 'A'
     from 'AAA'; Outlook Stable

  -- EUR40,000 class X (XS0266644896) affirmed at 'AAA'; Outlook
     Stable

  -- EUR20.5 million class B (XS0266638146) downgraded to 'A' from
     'AAA'; Outlook Stable

  -- EUR112.5 million class C (XS0266642171) downgraded to 'BB'
     from 'AA'; Outlook Stable

  -- EUR142.5 million class D (XS0266642767) downgraded to 'B'
     from 'A'; Outlook Stable

  -- EUR82 million class E (XS0266644383) downgraded to 'B' from
     'BBB'; Outlook Stable

The downgrades are driven by the steep fall in European commercial
property values, rather than any deterioration in transaction
performance since closing in September 2006.  Based on prevailing
market conditions, Fitch estimates a current loan-to-value ratio
of 100%, compared to the reported LTV of 71%.

Fitch's criteria for European CMBS surveillance were used to
analyze the quality of the underlying commercial loans.  Given its
single-tenant nature, Fitch analyzed the transaction by assuming
an immediate default of the tenant.  The ratings are based on the
agency's expected recoveries on the portfolio following a default
of the tenant, net of all costs that might be incurred in such a
situation (including the repayment of liquidity drawings).  Key
assumptions in Fitch's analysis include the length of time to
achieve a re-letting on some or all of the space, costs associated
with a re-letting (including letting fees and capital
expenditure), rents per square meter that can be achieved on the
space in a period of stress, and rent-free periods that might be
required to attract new tenants.

Leo Mesdag is a single-borrower securitization backed by a
portfolio of 70 department stores and three car parks located
throughout the Netherlands.  All properties are occupied by a
single tenant, Maxeda, operating under the three brands --
Bijenkork, Hema and V&D -- with a weighted-average lease term of
over 17 years.  The interest-only loan is scheduled to mature in
December 2014, with the bonds' final legal maturity date in
December 2019.

The transaction collateral's performance has been trending upward,
as evidenced by the inflationary rental uplifts that have
increased net operating income by 7.2% to EUR67.8 million since
closing.  According to the estimated rental value determined at
the time of the original valuation (in May 2006), the leases are
still 8% reversionary.  While the portfolio has been re-valued
twice since closing, this has only resulted in a modest uplift in
market value of 2% to EUR1.4 billion.

Fitch will continue to monitor the performance of the transaction.


LEVERAGED FINANCE: Moody's Junks Rating on EUR6MM Class R Notes
---------------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Leveraged Finance Europe Capital III B.V.

  -- EUR213.6M A, Downgraded to Aa2; previously on Oct 26, 2004
     Definitive Rating Assigned Aaa

  -- EUR26.25M B, Downgraded to Baa2; previously on Mar 4, 2009
     Aa2 Placed Under Review for Possible Downgrade

  -- EUR11.7M C, Downgraded to Ba3; previously on Mar 20, 2009
     Downgraded to Ba1 and Remained On Review for Possible
     Downgrade

  -- EUR19.8M D, Downgraded to Caa2; previously on Mar 20, 2009
     Downgraded to B2 and Remained On Review for Possible
     Downgrade

  -- EUR7.35M E, Confirmed at Caa3; previously on Mar 20, 2009
     Downgraded to Caa3 and Remained On Review for Possible
     Downgrade

  -- EUR10M Q, Upgraded to Baa1; previously on Oct 26, 2004
     Assigned Baa2

  -- EUR6M R, Downgraded to Caa1; previously on Oct 26, 2004
     Assigned Ba3

This transaction is a managed cash leveraged loan collateralized
loan obligation related to a portfolio of mostly senior secured
loans and some mezzanine loan exposure and second lien loans
(7.54%).

The rating actions reflect Moody's revised assumptions with
respect to default probability and the calculation of the
diversity score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs."  These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade", "Review for Possible Upgrade", or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.

Moody's also notes that, for the purpose of monitoring this
transaction, a material proportion of the collateral pool consists
of debt obligations whose credit quality has been assessed through
Moody's credit estimates.  As credit estimates do not carry credit
indicators such as ratings reviews and outlooks, a stress of a
quarter notch-equivalent assumed downgrade was applied to each of
these estimates.

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2613), an increase in the amount of defaulted
securities (currently 3.97% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 6.70% of the portfolio), and a failure of Class E par
value test.  These measures were taken from the recent trustee
report dated August 31, 2009.  Moody's also performed a number of
sensitivity analyses, including consideration of a further decline
in portfolio WARF quality.  Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

Moody's notes that the upgrade action on the Class Q combination
notes have incorporated the aforementioned stresses as well as
credit deterioration in the underlying portfolio.  The action
reflects the significant payments received in respect of each
component of the combination notes since closing.

In addition to the quantitative factors that are explicitly
modelled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features and the collateral manager's track record.
All information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


MESDAG BV: Fitch Junks Rating on Class E Notes From 'BBB-'
----------------------------------------------------------
Fitch Ratings has downgraded MESDAG (Charlie) B.V.'s commercial
mortgage-backed floating rate notes:

  -- EUR318.3 million class A (XS0289819889): downgraded to 'AA'
     from 'AAA'; Outlook Negative

  -- EUR0.05 million class X (XS0289830696): affirmed at 'AAA';
     Outlook Stable

  -- EUR41.0 million class B (XS0289822677): downgraded to 'A'
     from 'AA'; Outlook Negative

  -- EUR41.0 million class C (XS0289823568): downgraded to 'BBB'
     from 'A'; Outlook Negative

  -- EUR36.1 million class D (XS0289824533): downgraded to 'B'
     from 'BBB'; Outlook Negative

  -- EUR9.0 million class E (XS0289824889): downgraded to 'CCC'
     from 'BBB-'; assigned a Recovery Rating of 'RR5'

The downgrades reflect ongoing declines in European commercial
real estate values: the pool has a reported weighted-average loan-
to-value ratio of 73% compared to Fitch's LTV estimate of 100%,
indicating a WA market value decline of 27% since closing.
Fitch's criteria for European CMBS surveillance and multifamily
analysis were used to analyze the quality of the underlying
commercial loans.

Mesdag (Charlie) B.V. is a securitization that originally
comprised nine commercial mortgage loans originated by NIBC Bank
N.V. ('BBB'/'F3'/Stable), which closed in April 2007.  Since
closing, one loan has prepaid.  This, coupled with scheduled
amortization, has reduced the pool balance to EUR445.4 million
from EUR493.7 million at closing.  The loans are secured by 128
properties located across Germany (84.5% by market value (MV)),
and the Netherlands (15.5%) with significant exposure to the
Berlin multifamily market (44%).  One loan is scheduled to mature
in 2010, accounting for only 2.6% of the pool, with the remaining
loans scheduled to mature between 2011 and 2016.  The weighted-
average lease term to break of 9.7 years has improved since
closing (6.9 years) compared with a WA loan term of 5.0 years.

The largest three loans represent a cumulative 81.2% (Tor 43% by
MV, Berlin 28% and Tommy 10%).  These loans are all secured by
good or above-average quality multifamily assets.  Since closing
these loans have demonstrated stability of cash flow, albeit with
limited rental increases despite some improvement in vacancy
levels.  Given that all of the loans benefit from experienced
management with an established record, and are therefore unlikely
to experience significant rental income declines over their terms,
Fitch's views balloon risk as the main concern for these loans.
Deteriorating property market conditions have resulted in Fitch's
estimated LTVs to far exceed current reported LTVs, implying
sizeable market value declines of 23%-37% since closing.

Fitch will continue to monitor the performance of the transaction.


OCEANTEAM B.V.: Declared Bankrupt by Amsterdam Court
----------------------------------------------------
The District Court of Amsterdam on Oct. 13 declared Oceanteam
B.V., Oceanteam ASA's wholly owned Dutch subsidiary, bankrupt.

Oceanteam B.V. is based in Amsterdam and employs 11 people.  The
bankruptcy of Oceanteam B.V. will not have operational impact on
other Oceanteam entities.

As previously announced, Oceanteam B.V is also involved in a
contractual dispute (with VOF Bouwcombinatie Egmond) which has
been arbitrated since September 2006 and which is still under
arbitration.

Besides having an adverse affect on the organization's need to
focus on market challenges, the cost of arbitration has been and
continues to be significant, and Oceanteam B.V is no longer in the
position to account for those costs, nor to account for the
outcome should it turn out to the disfavor of Oceanteam B.V.
Oceanteam ASA has so far supported the funding of Oceanteam B.V,
but after due and careful consideration of all aspects of the
matter, the board of Oceanteam ASA has now concluded that the
support should stop in order not to interfere with the
restructuring process.

The Oceanteam group is continuing its restructuring program and
will focus on the provision of construction support vessels and
related services and equipment.


===========
R U S S I A
===========


ALP-SERVIS LLC: Creditors Must File Claims by October 25
--------------------------------------------------------
Creditors of LLC Alp-Servis (TIN 6901042335, PSRN 1036900084132)
(Construction) have until October 25, 2009, to submit proofs of
claims to:

         D. Izotov
         Temporary Insolvency Manager
         Sovetskaya Str. 25
         170100 Tver
         Russia

The Arbitration Court of Tverskaya will convene at 3:00 p.m. on
November 9, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?66–6709/2009.

The Debtor can be reached at:

         LLC Alp-Servis
         Rzhev
         Tverskaya
         Russia


ARDON-STROY LLC: Creditors Must File Claims by October 25
---------------------------------------------------------
Creditors of LLC Ardon-Stroy (Construction) have until October 25,
2009, to submit proofs of claims to:

         Ye.Pushnova
         Temporary Insolvency Manager
         Post User Box 51
         123056 Moscow
         Russia

The Arbitration Court of Moskovskaya will convene on January 26,
2010, to hear bankruptcy supervision procedure.  The case is
docketed under Case No. ?41–25966/09.

The Debtor can be reached at:

         LLC Ardon-Stroy
         Komsomolskaya Str. 13
         Krasnoarmeysk
         Moskovskaya
         Russia


BANK SOYUZ: Moody's Withdraws 'E' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of Bank
Soyuz:

  -- Bank financial strength rating of E

  -- The long-term and short-term foreign and local currency
     deposit ratings of Caa1/Not Prime

  -- The senior unsecured foreign currency debt rating of Caa1

Concurrently, Moody's Interfax Rating Agency withdrew Soyuz's
long-term national scale rating of Ba3.ru.

The ratings have been withdrawn because Moody's believes it lacks
adequate information to maintain the ratings.

Soyuz's E BFSR carried a stable outlook at the time of the rating
withdrawal, while its long-term Caa1 local and foreign currency
deposit ratings and Caa1 senior unsecured foreign currency debt
rating, as well as the bank's Ba3.ru NSR were on review for
possible downgrade.  Moody's commented that it was not able to
conclude the rating review or continue to maintain the bank's
ratings in this particular situation based solely on publicly
available information, after the issuer's official request to
withdraw the ratings.  The rating agency's view on the lack of
information concerns particularly the asset quality and
recapitalization plans for the bank.

Soyuz's loan participation notes -- rated by Moody's at the time
of the withdrawal -- remain outstanding in the amount of
US$23.5 million maturing on February 16, 2010.  Moody's notes that
it will no longer maintain rating or research coverage on these
loan participation notes.  There is no other Moody's-rated debt
outstanding for Soyuz.

The process of review of Soyuz's ratings started on 28 January
2009, when Moody's downgraded the bank's deposit and debt ratings
to Caa1 from B2 and its NSR to Ba3.ru from Baa1.ru and placed the
ratings on review for possible further downgrade.  Simultaneously,
Moody's lowered Bank Soyuz's BFSR to E (stable outlook) from E+.

Domiciled in Moscow, Russia, Bank Soyuz reported -- as at
December 31, 2007 (latest available IFRS figures) -- total IFRS
assets of US$3.7 billion, total shareholders' equity of US$472
million and a net income of US$42 million.  As per the Russian
statutory Accounting Standards (RAS), at H1 2009 the bank reported
total assets of US$2.4 billion and total shareholders' equity of
US$139 million.  For the first half of 2009 the total RAS loss
amounted to US$55 million.


MOSCOW BANK: Fitch Affirms Individual Rating at 'E'
---------------------------------------------------
Fitch Ratings has affirmed Moscow Bank for Reconstruction and
Development's and Dalcombank's Long-term Issuer Default Ratings at
'B+' respectively, thereby resolving the Rating Watch Negative on
these ratings.  Stable Outlooks have been assigned to these
ratings.  A full list of rating actions on both banks is provided
at the end of this announcement.

The rating actions follow the recent affirmation of Sistema Joint
Stock Financial Corp.'s Long-term foreign currency IDR at 'BB-'
with a Stable Outlook.  Sistema is the main shareholder of MBRD
and, through MBRD, Dalcombank.  The ratings of MBRD and Dalcombank
reflect Fitch's view of the strong propensity of Sistema to
provide support to these banks in case of need, but also factor in
the potentially limited ability of Sistema to provide support, as
reflected in its ratings.  The future direction of the banks'
ratings is likely to continue to depend on Sistema's Long-term IDR
and Fitch's view of the parent's propensity to support the group's
banks.

MBRD's stand-alone credit profile, and its Individual Rating of
'D/E', are under pressure as a result of asset quality
deterioration and weakened capitalization.  Loans overdue by more
than 90 days accounted for 7% of total loans at end-July 2009 and
about a third of total loans had been restructured with extended
maturities.  Fitch also notes that at end-July 2009, MBRD had
invested RUB5.6 billion in a fund which had utilized RUB3 billion
(equal to 24% of regulatory capital) to acquire assets received by
the bank as a result of loan foreclosures.  The low transparency
of the operations of MBRD's Luxembourg-based subsidiary, East-West
United Bank (EWUB; which accounts for 35% of consolidated loans),
is another source of concern, although management disclosure
suggests that a majority of the subsidiary's operations are low
risk (cash-backed).

MBRD's reserves/loans ratio of 7.1% and regulatory capital ratio
of 11.1% at end-8M09 (local GAAP) indicate limited loss absorption
capacity, and immediate capital raising plans are limited to a
moderate (up to RUB1.9 billion) subordinated loan from Sistema.
At the same time, Fitch notes that the regulatory capital ratio is
negatively impacted by the full deduction of investments in
subsidiaries, and that Basel consolidated ratios may be higher
(although these have not been calculated at end-H109).  MBRD has
potentially significant short-term refinancing risk, as all its
four local bonds have put options in 2010; however, the majority
of these amounts relate to non-market placements, and this risk
should therefore be manageable, in Fitch's view.

DCB's Individual Rating of 'E' reflects its small size, asset
quality problems, vulnerable liquidity position and weak
capitalization.  As at MBRD, the retail book is the main loan
impairment driver.  A small cushion of liquid assets, equal to
just 10% of customer and interbank funding as of end-July 2009,
and the on-demand nature of most customer funding makes the bank's
stand alone liquidity position weak.  In April 2009, the
capitalization of DCB was supported by a RUB250 million equity
injection, bringing the regulatory capital ratio to 13% at end-
8M09.

Further asset quality deterioration without adequate
recapitalization could further undermine the banks' stand-alone
financial profiles and result in a downgrade of MBRD's Individual
Rating.  Upside potential for the ratings is currently limited
given the difficult operating environment and loan impairment
trends.

MBRD is a medium-sized Russian bank, 95%-owned by Sistema.
Servicing the needs of Sistema remains an important part of MBRD's
business.  In December 2007, MBRD acquired a 66% stake in
Luxembourg-based EWUB from Sistema.  In February 2009, MBRD became
the sole owner of DCB, almost two years after Sistema purchased
the latter.  DCB is a small-sized Russian bank based in Khabarovsk
with a broad presence in other regions of the far east of Russia.

Rating actions:

MBRD

  -- Long-term IDR affirmed at 'B+'; removed from RWN; assigned
     Stable Outlook

  -- Short-term IDR affirmed at 'B'

  -- Individual affirmed at 'D/E'

  -- Support affirmed at '4'

  -- National Long-term affirmed at 'A-(rus)'; removed from RWN;
     Outlook Stable

Dalcombank

  -- Long-term IDR affirmed at 'B+'; removed from RWN; assigned

  -- Stable Outlook

  -- Short-term IDR affirmed at 'B'

  -- Individual affirmed at 'E'

  -- Support affirmed at '4'

  -- National Long-term affirmed at 'A-(rus)'; removed from RWN;
     Outlook Stable

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


MOSCOW CAPITAL: Moody's Withdraws 'E' Bank Strength Rating
----------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of Moscow
Capital Bank:

  -- Bank financial strength rating of E

  -- The long-term and short-term foreign and local currency
     deposit ratings of C/Not Prime

Concurrently, Moody's Interfax Rating Agency withdrew MCB's long-
term national scale rating of C.ru.  Moscow-based Moody's Interfax
is majority owned by Moody's, a leading global rating agency.

Moody's withdrawal of its bank financial strength and deposit
ratings for MCB is a result of the withdrawal of MCB's banking
license by the Central Bank of Russia on February 2, 2009 which
was due to violation of laws, deterioration of capital adequacy to
a level below 2%, and failure by the bank to meet its obligations
to creditors.  As a result of the withdrawal of its banking
license, MCB is no longer a deposit taking institution and no
longer has outstanding deposits.  Moody's further notes that, as
of the date of the ratings withdrawal, MCB had no senior
unsecured, subordinate or structured finance obligations rated by
Moody's.

Domiciled in Moscow, Russia, Moscow Capital Bank reported -- as at
December 31, 2007 (latest available IFRS figures) -- total IFRS
assets of US$985 million, total shareholders' equity of
US$92 million and a net income of US$20 million.  As per the
Russian statutory Accounting Standards, as at April 30, 2009 the
bank reported total assets of RUB4 billion (US$120 million)
(excluding provisions and depreciation) and cash and equivalents
of RUB46 million, while total liabilities comprised RUB11 billion.


GRAZHDAN-STROY CJSC: Creditors Must File Claims by October 25
-------------------------------------------------------------
Creditors of CJSC Grazhdan-Stroy-Proekt (Construction)have until
October 25, 2009, to submit proofs of claims to:

         D. Krylov
         Insolvency Manager
         Ryabinovyy pereulok 7
         305014 Kursk
         Russia

The Arbitration Court of Kurskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35–6486/2009.

The Debtor can be reached at:

         CJSC Grazhdan-Stroy-Proekt
         Office 5
         Leninskogo Komsomola Str. 64
         Kursk
         Russia


KIT FINANCE: Moody's Withdraws 'Caa2' Currency Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of KIT
Finance:

  -- Long-term and short-term local and foreign currency deposit
     ratings of Caa2/Not Prime (Stable);

  -- Bank financial strength rating of E (Stable);

Concurrently, Moody's Interfax Rating Agency withdrew KIT's long-
term national scale rating of B2.ru.  Moscow-based Moody's
Interfax is majority owned by Moody's, a leading global rating
agency.

Moody's has withdrawn these ratings for business reasons following
the official request from KIT.

Moody's notes that, as of the date of the ratings withdrawal, KIT
had no outstanding senior unsecured, subordinate or structured
finance obligations rated by Moody's.

The previous rating action for KIT was on September 28, 2009 when
Moody's confirmed all ratings of KIT with a stable outlook.

Based in St. Petersburg, Russia, KIT was a multiple business line
entity, albeit dominated by investment and corporate banking and
mortgage activities.  After the default on September 17, 2008, its
assets became mainly composed of the mortgage loan book as well as
investment assets.  It recorded total assets of ca.  US$4 billion
at year-end 2008 and is ranked among the 50 largest banks in
Russia.


KVARTAL LLC: Creditors Must File Claims by October 25
-----------------------------------------------------
Creditors of LLC Kvartal (TIN 5612039638, PSRN 1045608402498)
(Construction) have until October 25, 2009, to submit proofs of
claims to:

         Yu.Ustimova
         Temporary Insolvency Manager
         Leninskaya Str.3/1
         460000 Orenburg
         Russia

The Arbitration Court of Orenburgskaya will convene at 9:00 a.m.
on January 12, 2010, to hear bankruptcy supervision procedure. The
case is docketed under Case No. ?47–7183/2009.

The Debtor can be reached at:

         LLC Kvartal
         Tsvillinga Str. 46
         460000 Orenburg
         Russia


MOSCOW BANK: Fitch Affirms Individual Rating at 'D/E'
-----------------------------------------------------
Fitch Ratings has affirmed Moscow Bank for Reconstruction and
Development's and Dalcombank's Long-term Issuer Default Ratings at
'B+' respectively, thereby resolving the Rating Watch Negative on
these ratings.  Stable Outlooks have been assigned to these
ratings.  A full list of rating actions on both banks is provided
at the end of this announcement.

The rating actions follow the recent affirmation of Sistema Joint
Stock Financial Corp.'s Long-term foreign currency IDR at 'BB-'
with a Stable Outlook.  Sistema is the main shareholder of MBRD
and, through MBRD, Dalcombank.  The ratings of MBRD and Dalcombank
reflect Fitch's view of the strong propensity of Sistema to
provide support to these banks in case of need, but also factor in
the potentially limited ability of Sistema to provide support, as
reflected in its ratings.  The future direction of the banks'
ratings is likely to continue to depend on Sistema's Long-term IDR
and Fitch's view of the parent's propensity to support the group's
banks.

MBRD's stand-alone credit profile, and its Individual Rating of
'D/E', are under pressure as a result of asset quality
deterioration and weakened capitalization.  Loans overdue by more
than 90 days accounted for 7% of total loans at end-July 2009 and
about a third of total loans had been restructured with extended
maturities.  Fitch also notes that at end-July 2009, MBRD had
invested RUB5.6 billion in a fund which had utilized RUB3 billion
(equal to 24% of regulatory capital) to acquire assets received by
the bank as a result of loan foreclosures.  The low transparency
of the operations of MBRD's Luxembourg-based subsidiary, East-West
United Bank (EWUB; which accounts for 35% of consolidated loans),
is another source of concern, although management disclosure
suggests that a majority of the subsidiary's operations are low
risk (cash-backed).

MBRD's reserves/loans ratio of 7.1% and regulatory capital ratio
of 11.1% at end-8M09 (local GAAP) indicate limited loss absorption
capacity, and immediate capital raising plans are limited to a
moderate (up to RUB1.9 billion) subordinated loan from Sistema.
At the same time, Fitch notes that the regulatory capital ratio is
negatively impacted by the full deduction of investments in
subsidiaries, and that Basel consolidated ratios may be higher
(although these have not been calculated at end-H109).  MBRD has
potentially significant short-term refinancing risk, as all its
four local bonds have put options in 2010; however, the majority
of these amounts relate to non-market placements, and this risk
should therefore be manageable, in Fitch's view.

DCB's Individual Rating of 'E' reflects its small size, asset
quality problems, vulnerable liquidity position and weak
capitalization.  As at MBRD, the retail book is the main loan
impairment driver.  A small cushion of liquid assets, equal to
just 10% of customer and interbank funding as of end-July 2009,
and the on-demand nature of most customer funding makes the bank's
stand alone liquidity position weak.  In April 2009, the
capitalization of DCB was supported by a RUB250 million equity
injection, bringing the regulatory capital ratio to 13% at end-
8M09.

Further asset quality deterioration without adequate
recapitalization could further undermine the banks' stand-alone
financial profiles and result in a downgrade of MBRD's Individual
Rating.  Upside potential for the ratings is currently limited
given the difficult operating environment and loan impairment
trends.

MBRD is a medium-sized Russian bank, 95%-owned by Sistema.
Servicing the needs of Sistema remains an important part of MBRD's
business.  In December 2007, MBRD acquired a 66% stake in
Luxembourg-based EWUB from Sistema.  In February 2009, MBRD became
the sole owner of DCB, almost two years after Sistema purchased
the latter.  DCB is a small-sized Russian bank based in Khabarovsk
with a broad presence in other regions of the far east of Russia.

Rating actions:

MBRD

  -- Long-term IDR affirmed at 'B+'; removed from RWN; assigned
     Stable Outlook

  -- Short-term IDR affirmed at 'B'

  -- Individual affirmed at 'D/E'

  -- Support affirmed at '4'

  -- National Long-term affirmed at 'A-(rus)'; removed from RWN;
     Outlook Stable

Dalcombank

  -- Long-term IDR affirmed at 'B+'; removed from RWN; assigned

  -- Stable Outlook

  -- Short-term IDR affirmed at 'B'

  -- Individual affirmed at 'E'

  -- Support affirmed at '4'

  -- National Long-term affirmed at 'A-(rus)'; removed from RWN;
     Outlook Stable

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.  Collectively these
ratings drive Fitch's Long- and Short-term IDRs.


NEVELSKIY MILK: Creditors Must File Claims by October 25
--------------------------------------------------------
Creditors of LLC Nevelskiy Milk Canning Plant (TIN 6009005149,
PSRN 1026000617631) have until October 25, 2009, to submit proofs
of claims to:

         A. Isayev
         Temporary Insolvency Manager
         Post User Box 42
         180000 Pskov
         Russia

The Arbitration Court of Pskovskaya will convene at 10:30 a.m. on
December 17, 2009, to hear bankruptcy supervision procedure.  The
case is docketed under Case No. ?52–3193/2009.

The Debtor can be reached at:

         LLC Nevelskiy Milk Canning Plant
         M. Mametovoy Str. 7
         Nevel
         182500 Pskovskaya
         Russia


PENOVSKAYA FORESTRY: Court Names V.Shemigon as Insolvency Manager
-----------------------------------------------------------------
The Arbitration Court of Tverskaya appointed V.Shemigon as
Insolvency Manager for LLC Penovskaya Forestry.  The case is
docketed under Case No. ?66–5615/2009.  He can be reached at:

         Building 2
         Novyy Arbat Sr. 1
         172770 Tverskaya
         Russia

The Debtor can be reached at:

         LLC Penovskaya Forestry
         Rodina Str. 50
         Peno
         Penovskiy
         172770 Tverskaya
         Russia


SEVER-GEO LLC: Creditors Must File Claims by October 25
-------------------------------------------------------
Creditors of LLC Sever-Geo-Fizika Oil Company have until
October 25, 2009, to submit proofs of claims to:

         A. Stankevich
         Temporary Insolvency Manager
         Apt. 5
         Kommunisticheskaya Str. 44/2
         167001 Sykvyvkar
         Komi
         Russia

The Arbitration Court of Komi will convene on January 14, 2010, to
hear bankruptcy supervision procedure.  The case is docketed under
Case No. ?29–7881/2009.

The Debtor can be reached at:

         LLC Sever-Geo-Fizika
         Ukhta
         Komi
         Russia


TARSK LES: Creditors Must File Claims by November 25
----------------------------------------------------
Creditors of LLC Tarsk Les (TIN 7011003045, PSRN 1027003753809)
(Wood-processing) have until November 25, 2009, to submit proofs
of claims to:

         A. Saranin
         Insolvency Manager
         Post User Box 3020
         634003 Tomsk
         Russia

The Arbitration Court of Tomskaya commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?67–1456/09.

The Debtor can be reached at:

         LLC Tarsk Les
         Tarsk
         Parabelskiy
         636630 Tomskaya
         Russia


VAVILON LLC: Astrakhanskaya Bankruptcy Hearing Set November 26
--------------------------------------------------------------
The Arbitration Court of Astrakhanskaya will convene at 2:00 p.m.
on November 26, 2009, to hear bankruptcy supervision procedure on
LLC Vavilon (TIN 3015061700, PSRN 1033000814164)(Construction).
The case is docketed under Case No. ?06–4441\2009.

The Temporary Insolvency Manager is:

         V.Kornilyev
         Post User Box 290
         414000Astrakhan
         Russia

The Debtor can be reached at:

         LLC Vavilon
         Zhelyabova Str. 43
         414000 Astrakhan
         Russia


VOLGOGRADSKIY VEHICLE: S. Kagitin Named Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Volgogradskaya appointed S.Kagitin as
Insolvency Manager for CJSC Volgogradskiy Vehicle Plant (TIN
3443040382, PSRN 1023402974451).  The case is docketed under Case
No. ?12–228/09.  He can be reached at:

         Post User Box 3113
         400105 Volgograd
         Russia

The Debtor can be reached at:

         CJSC Volgogradskiy Vehicle Plant
         Seriynyy proezd 5
         400075 Volgograd
         Russia


* RUSSIA: Moody's Sees Negative Rating Pressure on Banks
--------------------------------------------------------
Moody's Investors Service sees negative rating pressure on Russian
banks in the near-to-medium-term, reflecting the rating agency's
concerns over the credit fundamentals of domestic banks.  The
first wave of the global financial crisis that struck Russian
banks 12 months ago has been contained by timely and adequate
actions by the government and the Central Bank of Russia.
However, the risk of further instability in the banking system
remains relatively high due to negative pressure on capitalization
and profitability against a background of deteriorating asset
quality and liquidity caused by weak depositor confidence and
asset-liability mismatches.

Moody's negative outlook for the Russian banking system expresses
the rating agency's view on the likely future direction of
fundamental credit conditions in the industry over the next 12 to
18 months.  It does not represent a projection of rating upgrades
versus downgrades.

As in the past, the dynamics of the Russian banking sector will be
largely driven by macroeconomic developments.  Strong economic
growth in the past eight years had supported banks' lending
expansion at or above 40% per annum.  With Russia now in
recession, the operating environment for banks has become hostile.
GDP contracted more than 10% in the first half of 2009, and
Moody's expects the economy to shrink by 8.5% for the whole year.
The rating agency predicts only modest 1.7% economic growth in
2010 -- rebounding more strongly in 2011.  For many banks, these
growth expectations would require at least 12 months of reducing
financial leverage, combined with working out problem loans,
attracting new capital, repaying foreign debt and reassessing
their funding strategies.

"Despite a hostile operating environment, the Russian banking
system as a whole has shown adequate resilience to the crisis so
far, largely due to state support", said Eugene Tarzimanov, a
Moscow-based Moody's Assistant Vice President-Analyst, and author
of the report.  Asset quality and capitalization therefore
represent medium-term risks for Russian banks, and in Moody's
opinion they are not likely to materially damage the banking
system in the short term.

The state has put in place various anti-crisis mechanisms, ranging
from liquidity to capital injections.  Moody's notes that the
state support package is one of the largest among emerging
markets, exceeding 10% of GDP (ca. US$170 billion, mostly through
liquidity injections).  "The Russian government is committed to
supporting the stability of the banking system, as highlighted by
numerous bank bailouts and the government is likely to be more
selective in channelling its support to banks, providing capital
and liquidity to banks of systemic or regional importance.  The
beneficiaries of this support are state banks, which are taking
market share from private sector banks," adds Mr. Tarzimanov.

As regards asset quality, Moody's estimates that around 11% of
loans (US$70 billion) -- mostly granted pre-crisis to the
corporate sector -- were problematic at mid-2009.  Additionally,
an equally high level of loans had been restructured.  The stock
of problem loans is likely to exceed US$110 billion by YE2009,
which would account for 20% of gross loans.  This projected level
of asset quality deterioration should be manageable for the
banking sector, to be absorbed by available and upcoming capital,
as well as reserves.  By YE2010, barring any economic shocks,
Moody's would expect problem loans to grow to 25% of gross loans,
largely driven by impairment in restructured loans and moderate
new lending.

Additional pressure on asset quality stems from foreign currency
(FX) loans, which comprised around one-third of the total at mid-
2009.  Moody's estimates that expected losses on FX loans are 70-
100% higher compared to rouble-denominated loans.  In this
context, FX loans expose banks to high credit risk as the rating
agency forecasts a 10% depreciation of the rouble against the
dollar by YE2009.

Of the ca. 20 Russian banks that collapsed as a result of the
crisis, most had encountered severe liquidity problems when faced
with significant retail and corporate deposit outflows.  On
average, Moody's-rated Russian banks faced a 10-15% depletion of
their deposits in the weeks following the crisis, and the rating
agency believes that weak depositor confidence is one of the major
threats to the Russian banking system.  Moody's notes that
liquidity support from the CBR and the Ministry of Finance helped
to avert a more severe banking crisis.

Currently, many Russian banks face the major medium-term risk of
becoming materially dependent on CBR funding, which is relatively
short term and will be withdrawn from the banking system at some
point.  While the CBR's "exit strategy" is unclear at this stage,
Moody's believes that this process would be gradual in order to
avoid destabilizing the banking system.  However, the weakest
institutions could find it difficult to repay borrowings from the
CBR.

Despite negative developments in the Russian banking system, the
asset-weighted Bank Financial Strength Rating remained at D- over
the past 12 months, mapping into a Baseline Credit Assessment
(BCA) of Ba3.  This is explained by the high concentration of
system assets in a few large banks, mostly state-owned (top 5
exceed 50%).  Moody's took negative rating actions on about one-
quarter of rated Russian banks since the start of crisis in
September 2008; these actions were driven by weaker stand-alone
credit fundamentals, changes in systemic support assumptions, and
defaults and banks being put into administration.  The ratings of
the other three-quarters of rated banks were not affected by the
crisis due to their low rating levels that had already implied a
high rating transition risk (B2 to B3 debt and deposit ratings).
Further negative rating actions are likely at selected banks, if
their creditworthiness deteriorates beyond Moody's base-case
scenario for asset quality and liquidity, which already
incorporates a relatively high level of stress.

Banks' risk positioning remains a historical weakness in Russia.
In particular, balance sheets are highly concentrated on selected
clients, market risk appetite is high, and related-party deals are
omnipresent.  With a few exceptions, risk management, corporate
governance, as well as transparency and disclosure all remain
below international best practices.  Moody's therefore notes that
improvements in those areas would be key prerequisites for any
positive rating actions.


=====================
S W I T Z E R L A N D
=====================


DDL HORLOGERIE: Claims Filing Deadline is December 15
-----------------------------------------------------
Creditors of Ddl Horlogerie are requested to file their proofs of
claim by December 15, 2009, to:

         Boris Delfs
         Place de la Gare 13
         2502 Biel/Bienne
         Switzerland

The company is currently undergoing liquidation in Biel/Bienne.
The decision about liquidation was accepted at an extraordinary
general meeting held on July 13, 2009.


MUNOT TAXI: Claims Filing Deadline is December 22
-------------------------------------------------
Creditors of Munot Taxi GmbH are requested to file their proofs of
claim by December 22, 2009, to:

         Munot Taxi Ruech
         Muehlentalstr. 248
         8200 Schaffhausen
         Switzerland

The company is currently undergoing liquidation in Schaffhausen.
The decision about liquidation was accepted at a shareholders'
meeting held on April 23, 2009.


=============
U K R A I N E
=============


LEON-MOKOM LLC: Creditors Must File Claims by October 18
----------------------------------------------------
Creditors of LLC Leon-Mokom (code EDRPOU 20288055) have until
October 18, 2009, to submit proofs of claim to:

         J. Leleko
         Insolvency Manager
         Office 214
         Semafornaya Str. 36
         49124 Dnepropetrovsk
         Ukraine

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on September 8, 2009.  The case is
docketed under Case No. B24/138-09.

The Court is located at:

         The Economic Court of Dnepropetrovsk
         Kujbishev Str. 1a
         49600 Dnepropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Leon-Mokom
         Sholokhov Str. 7
         49080 Dnepropetrovsk
         Ukraine


NAFTOKHIMIK PRYKARPATTYA: Facing Bankruptcy, Delo Says
------------------------------------------------------
Kateryna Choursina at Bloomberg News, citing Delo, reports that
oil refiner VAT Naftokhimik Prykarpattya is facing bankruptcy
after the state tax administration in Nadvirna, western Ukraine,
started court proceedings.


SAUS TOWN: Creditors Must File Claims by October 18
---------------------------------------------------
Creditors of LLC Saus Town (code EDRPOU 35127976) have until
October 18, 2009, to submit proofs of claim to:

         O. Startseva
         Insolvency Manager
         Office 559
         Kolobov Str. 21
         99038 Sevastopol
         AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on September 18, 2009.  The case is docketed
under Case No. 2-19/2505-2009.

The Court is located at:

         The Economic Court of AR Krym
         R. Luxembourg Str. 29/Rechnaya Str. 11
         95000 Simferopol
         AR Krym
         Ukraine

The Debtor can be reached at:

         LLC Saus Town
         Mramornaya Str. 4
         Simferopol
         AR Krym
         Ukraine


TRAY-LIDER LLC: Creditors Must File Claims by October 18
--------------------------------------------------------
Creditors of LLC Tray-Lider (code EDRPOU 33385998) have until
October 18, 2009, to submit proofs of claim to:

         G. Eremenko
         Insolvency Manager
         Office 155
         Pobeda Ave. 76
         Simferopol
         AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on September 27, 2009. The case is docketed
under Case No. 2-12/550-2009.

The Court is located at:

         The Economic Court of AR Krym
         R. Luxembourg Str. 29/Rechnaya Str. 11
         95000 Simferopol
         AR Krym
         Ukraine

The Debtor can be reached at:

         LLC Tray-Lider
         Office 48
         Krivoshta Str. 19
         Yalta
         AR Krym
         Ukraine


UKRIMPEKS-2000 LLC: Creditors Must File Claims by October 17
------------------------------------------------------------
Creditors of LLC Ukrimpeks-2000 (code EDRPOU 30931631) have until
October 17, 2009, to submit proofs of claim to:

         I. Gusar
         Insolvency Manager
         Post Office Box 29
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on July 22, 2009.  The case is docketed under
Case No. 15/28-B.

The Court is located at:

         The Economic Court of Kiev
         B. Hmelnitskiy Str. 44-b
         01030 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Ukrimpeks-2000
         Office 401
         Metallistov Str. 17
         03057 Kiev
         Ukraine


ZIZA LLC: Creditors Must File Claims by October 17
--------------------------------------------------
Creditors of LLC Ziza (code EDRPOU 22322342) have until
October 17, 2009, to submit proofs of claim to:

         P. Maystrenko
         Insolvency Manager
         Lebedev Str. 15
         95053 Simferopol
         AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on September 27, 2009.  The case is docketed
under Case No. 2-19/4410-2009.

The Court is located at:

         The Economic Court of AR Krym
         R. Luxembourg Str. 29/Rechnaya Str. 11
         95000 Simferopol
         AR Krym
         Ukraine

The Debtor can be reached at:

         LLC Ziza
         Lugovaya Str. 6A
         95033 Simferopol
         AR Krym
         Ukraine


==========================
U N I T E D  K I N G D O M
==========================


COLT TELECOM: Moody's Lifts Corporate Family Rating to 'Ba3'
------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating of
COLT Telecom Group S.A. to Ba3 from B1.  The outlook on the rating
is stable.

The upgrade is driven by the company's continued solid operating
performance, its resilience under difficult market conditions,
strong debt metrics and liquidity profile.  In H1 2009, whilst
revenue was down 1.2% over H1 2008, EBITDA increased by 6.3%.  The
company was successful in growing revenue from its data services
such as Ethernet and Managed Services, albeit at a lower pace than
in 2008.

Since the beginning of the economic recession, COLT has proven its
resilience with only modest revenue decline, EBITDA growth and
free cash flow generation -- reflecting the company's ability to
flex capex in accordance with the business cycle.  Revenue
decreased from EUR827 million in H1 08 to EUR817 million in the
first half of 2009.  The reported EBITDA margin has increased to
19.3% from 18% over the same period, due to the greater proportion
of higher-margin revenue from data and managed services and
stringent cost control.

Moody's understands that the 41% decrease in capital expenditure
in H1 2009 over H1 2008 is only partly due to softer demand and
does not necessarily imply a similar decrease in future revenue
growth.  Most of the reduction is explained by the availability of
sufficient capacity from previous investments, improved capital
efficiency and low capex from infrastructure and data centres.
However, in the medium term, Moody's expect the capex/revenue
ratio to rise from the current 11% to mid-teen levels, in order to
support growth in data and managed services revenue.

In April 2009, the company redeemed its EUR262 million bonds after
a EUR201 million equity offering.  In addition to demonstrating
shareholder support, this left COLT with no outstanding financial
debt.  Additionally, COLT reported cash of EUR243 million at 30
June 2009.  However, COLT's LTM gross leverage of 1.8x
incorporates Moody's adjustments on operating leases.

The stable outlook reflects Moody's expectation that the company
will continue to modestly grow its revenue and EBITDA from data
services, as well as consolidated group EBITDA while acknowledging
that Colt remains strongly positioned in the rating category given
the recent elimination of its financial debt obligations.  The
outlook though also reflects the expectation that over the medium
term Colt's capital structure will evolve to include financial
debt.  Although the stable outlook does not incorporate the
possibility of material M&A activity, Moody's recognizes the
potential for further positive ratings movement if the company
retains a conservative leverage profile and shareholder
distribution policy, and maintains positive free cash flow when it
increases its capex programme or pursues small bolt-on
acquisitions.

The last rating action was on March 24, 2009 when the Corporate
Family Rating was upgraded to B1, with a positive outlook.

COLT Telecom Group S.A. is one of the leading alternative telecom
providers in the UK and Europe.  In 2008, the company generated
revenue of EUR1.7 billion and reported EBITDA of EUR303.9 million.


ITV PLC: Launches GBP135 Million Bond Issue
-------------------------------------------
Hamish Rutherford at The Scotsman reports that ITV plc has
unveiled GBP135 million bond issue a day after Sir Michael Bishop,
the former boss of UK airline BMI, pulled out of the running to
chair the troubled broadcaster.

According to the report, ITV said it was issuing bonds to
strengthen its balance sheet and extend its debt maturity.
Buyers had been found for the bonds, which mature in 2016, by 2:00
p.m. Tuesday, the report discloses.

The report relates the company also announced it would retain SDN,
its digital terrestrial channel operator, which was put up for
sale in April.

                           About ITV plc

ITV plc -- http://www.itvplc.com/-- is a United Kingdom-based
advertising funded broadcaster.  The Company also operates as an
advertising funded media owner in the United Kingdom across all
media, including television, radio, press, cinema, outdoor and the
Internet.  As a producer, ITV makes hours of network television.
Its digital channels include ITV2, ITV3, ITV4 and Citv.  ITV also
makes programs for the BBC, Channel 4, five, Sky and other
broadcasters.  ITV produces programs watched on screens from San
Francisco to Sydney.  In addition, it produces a range of products
related to ITV programs, such as digital video disks (DVDs) and
computer games.  Its online properties include itv.com,
itvlocal.com and Friends Reunited

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 18,
2009, Standard & Poor's Ratings Services said that it has lowered
its long-term corporate credit and senior unsecured debt ratings
on U.K. private TV broadcaster ITV PLC to 'B+' from 'BB-'.  S&P
said the outlook is negative.  At the same time, S&P affirmed its
'B' short-term corporate credit rating on ITV.


ITV PLC: Trading Update Relieves Pressure on Fitch's 'BB-' Rating
-----------------------------------------------------------------
Fitch Ratings said that ITV plc's trading update and moves to
strengthen its balance sheet, including a bond issue, are mildly
positive for the company's credit profile and should relieve
short-term downward pressure on ratings.  ITV is rated Long-term
Issuer Default and senior unsecured 'BB-', with a Negative
Outlook.

"Management's comments on current trading show that the sharp
year-on-year reduction in advertising revenue seen in the first
nine months of the year are moderating going into Q409," said
Michael Dunning, Managing Director in Fitch's TMT team in London.
"A successful convertible bond placing would bolster ITV's
liquidity position and allow the company to further improve its
maturity profile."

The comments from ITV also confirm Fitch's view that the sharp
drop in advertising spending is easing (see "European Media - Mid-
year Review" published September 1, 2009).  This is important as
the group's high operational gearing means its results remain
volatile to changes in UK TV advertising spend.  The trend seems
to be improving with ITV's television advertising revenue falling
around 3% y-o-y in October 2009 (with a similar level for
November), compared to the 7% drop reported for September 2009,
and a 15% decline for H109.  ITV's TV advertising accounted for
81% of the group's 2008 revenue.  However, given the uncertain
economic outlook in the UK, the recovery remains fragile and the
agency will continue to look for further evidence that the UK TV
advertising market is stabilizing.

ITV is also planning to improve the efficiency of its balance
sheet.  The senior unsecured convertible bond placement (initially
for GBP120 million but increased to GBP135 million due to strong
investor demand) should allow ITV to improve its debt maturity
profile and optimize its cash interest payments.  ITV's next debt
repayment of around GBP140 million is due in 2011 which is
adequately covered by the GBP476 million of cash held at the end
of June 2009.  The intention to use SDN, ITV's wholly owned
digital terrestrial television multiplex operator, to underpin its
pension deficit over the long-term should help to minimize medium-
term increases in any cash pension contribution required, while
realizing tax benefits over the next four years.

Fitch notes the recent moves by management have reduced ITV's
accounting pension deficit by around GBP100 million from the
GBP538 million reported at end-June 2009.  Fitch will continue to
focus more on the immediate cash impact of pension financing,
which is based on actuarial, rather than accounting valuations.
ITV's current agreement with its pension trustees sees top-up
payments of GBP30 million per annum.  As noted in Fitch's comment
of August 7, 2009, at 'BB-' Fitch continues to see ITV as
sufficiently far from default to give it time to address its
pension issues and for the pension deficit to shrink as market
conditions normalize.  The agency notes that if ITV's IDR was
downgraded to 'B+', indicating it was closer to default, its
senior unsecured ratings could be downgraded by more than one
notch due to claims from the pension beneficiaries.


LANDMARK MORTGAGES: Fitch Cuts Rating on Class D Notes to 'CC'
--------------------------------------------------------------
Fitch Ratings has downgraded all six tranches of Landmark
Mortgages Securities No.2 plc (Landmark 2) and three junior
tranches of Landmark Mortgages Securities No.1 plc (Landmark 1).
These UK non-conforming RMBS transactions are backed by mortgage
loans originated by Amber Home Loans, Unity Home Loans and
Infinity Mortgages.  The rating actions are listed below.

For both transactions, Fitch used its EMEA RMBS surveillance
criteria, employing its credit cover multiple methodology, to
assess the level of credit support available to each class of
notes.

The downgrades of Landmark 1's class C and D notes and their
Negative Outlooks reflect reserve fund draws and a high arrears
rate.

All classes of Landmark 1 have benefited significantly from high
prepayment rates; however, the prepayment rate has decreased
significantly in the last year.  Loans that are three months or
greater in arrears have increased to 33% in September 2009 from
11% in September 2008.  The increase in arrears is primarily due
to reduced monthly payments of loans linked to LIBOR or BBR and
adverse selection.  Non-conforming transactions like Landmark are
suffering from adverse selection due to limited refinance
opportunities for loans with adverse credit, high loan-to-value
ratios and loans currently in arrears.  In September 2009 the
value of properties in possession decreased to 2.1% of the
outstanding collateral balance from 5.1% in March.

Fitch notes the volume of new repossessions has decreased
recently, which is primarily due to a reduction in monthly
mortgage payments making it easier for borrowers to make their
current payment.  However, the repossessions rate may increase in
the near future as nearly 14% of the outstanding balance is more
than 12 months in arrears.  The reserve fund was drawn in the last
three interest payment dates and now stands at 83% of the target
amount.  In the last three IPDs the transaction suffered total
principal losses of GBP1.6 million, of which GBP1.1 million were
covered by excess spread and GBP505,753 by the reserve fund.

The downgrade of Landmark's notes and their Negative Outlook
reflect high loss severities, high arrears rates and risk of
further reserve fund draws.

Unlike Landmark 1, the notes of Landmark 2 have not benefited from
high prepayment rates.  At the end of the 10th IPD 52% of the
original pool was still outstanding whereas 76% is still
outstanding in case of Landmark 2.  The arrears and repossession
trends of Landmark 2 are similar to those in Landmark 1.  Loans
that are three months or greater in arrears have increased to 27%
in September 2009 from 13% in September 2008.  The total value of
properties in possession has decreased to 3.2% of the current
collateral balance in September 2009 from 5.2% in December 2008.
However, the repossessions rate may increase since nearly 12% of
the outstanding balance is more than 12 months in arrears.  Period
loss severities have increased to 41% in September 2009 from 27%
in September 2008.  To cover increased losses the reserve fund was
drawn in the last IPD and now stands at 88% of the target amount.
In the last IPD the transaction suffered total principal losses of
GBP1.98 million, of which GBP1.62 million were covered by excess
spread and GBP361,754 by the reserve fund.

Fitch's view of house prices and credit performance of the UK
mortgage market are factored into these rating actions.  The
agency continues to expect that UK house prices will fall
approximately 30% overall from the October 2007 peak.

Landmark Mortgage Securities No.1 plc:

  -- Class Aa (ISIN XS0258051191): affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-2'

  -- Class Aa DAC 2011 (ISIN XS0258051357): affirmed at 'AAA';
     Outlook Stable

  -- Class Ac (ISIN XS0260674725): affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating of 'LS-2'

  -- Class Ac DAC 2011 (ISIN XS0260674998): affirmed at 'AAA';
     Outlook Stable

  -- Class B (ISIN XS0260675888): affirmed at 'A'; Outlook Stable;
     assigned Loss Severity Rating of 'LS-3'

  -- Class Ca (ISIN XS0258052165): downgraded to 'BB' from 'BBB';
     Outlook Negative; assigned Loss Severity Rating of 'LS-4'

  -- Class Cc (ISIN XS0261199284): downgraded to 'BB' from 'BBB';
     Outlook Negative; assigned Loss Severity Rating of 'LS-4'

  -- Class D (ISIN XS0258052751): downgraded to 'B' from 'BB';
     Outlook Negative; assigned Loss Severity Rating of 'LS-4'

Landmark Mortgage Securities No.2 Plc:

  -- Class Aa (ISIN XS0287189004): downgraded to 'AA' from 'AAA';
     Outlook Negative; assigned Loss Severity Rating of 'LS-1'

  -- Class Ac (ISIN XS0287192727): downgraded to 'AA' from 'AAA';
     Outlook Negative; assigned Loss Severity Rating of 'LS-1'

  -- Class Ba (ISN XS0287192131): downgraded to 'BB' from 'BBB+';
     Outlook Negative; assigned Loss Severity Rating of 'LS-3'

  -- Class Bc (ISIN XS0287193451): downgraded to 'BB' from 'BBB+';
     Outlook Negative; assigned Loss Severity Rating of 'LS-3'

  -- Class C (ISIN XS02871922141): downgraded to 'B' from 'BB-';
     Outlook Negative; assigned Loss Severity Rating of 'LS-4'

  -- Class D (ISIN XS0287192644): downgraded to 'CC' from 'CCC';
     Recovery Rating revised to 'RR5' from 'RR1'


LLOYDS BANKING: May Have to Pay "Break Fee" From Insurance Scheme
-----------------------------------------------------------------
Patrick Jenkins and Sharlene Goff at The Financial Times report
that Lloyds Banking Group plc has been told by ministers that it
will have to pay at least GBP1 billion as a form of "break fee" if
it proceeds with its plan to exit a scheme to insure GBP260
billion of its assets.

According to the FT, one person familiar with the government's
stance on the issue said that a GBP1 billion fee, which would be
paid in lieu of the support already provided to Lloyds, was
"definitely the floor".  The FT says given that the insurance
scheme was intended to run for five years, the six months of
unwritten guarantees on the assets supplied to Lloyds would equate
logically to a fee of GBP1.6 billion.

                             Sale Talks

The FT relates Lloyds confirmed that it was in talks to sell
Halifax Estate Agencies to LSL Property Services.  Halifax's
estate agency business has 218 branches centered in the Midlands
and North, the FT discloses.

On Oct. 13, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported Lloyds said last month it was considering
pulling out of the asset protection program.  Bloomberg disclosed
under the Asset Protection Scheme, the government would insure
GBP260 billion of Lloyds' assets in return for a GBP15.6-billion
fee.  To pay the fee, Lloyds would hand additional shares to the
Treasury, boosting the state's stake to 62%, Bloomberg said.
Lloyds is seeking to reduce the government's holding because the
European Union may force it to sell assets or branches to comply
with state aid rules, According to Bloomberg.

                 About Lloyds Banking Group PLC

Lloyds Banking Group PLC, formerly Lloyds TSB Group plc,
(LON:LLOY) -- http://www.lloydsbankinggroup.com/-- is a United
Kingdom-based financial services group providing a range of
banking and financial services, primarily in the United Kingdom,
to personal and corporate customers.  The Company operates in
three divisions: UK Retail Banking, Insurance and Investments, and
Wholesale and International Banking.  Its main business activities
are retail, commercial and corporate banking, general insurance,
and life, pensions and investment provision.  The Company also
operates an international banking business with a global footprint
in 40 countries.  Services are offered through a number of brands,
including Lloyds TSB, Halifax, Bank of Scotland, Scottish Widows,
Clerical Medical and Cheltenham & Gloucester.  On January 16,
2009, Lloyds Banking Group plc acquired HBOS plc.


MERCHANT INNS: In Administration; Deloitte on Board
---------------------------------------------------
Dominic Walsh at The Times reports that Merchant Inns Ltd., the
business set up by Sir John Ritblat two years ago as a joint
venture with Robert Breare, has gone into administration.

According to the report, administrators from Deloitte stated that
they had been appointed after "the discovery of a number of
previously unknown financial liabilities".

The report relates the appointment of administrators comes a few
weeks after Mr. Breare quit the business after what was described
as "an angry and fundamental dispute" over strategy.  It is
believed that while Sir John wanted to slow down expansion,
Mr. Breare was keen for Merchant Inns to carry on growing, the FT
notes.

Merchant Inns Ltd. -- http://www.merchant-inns.com/-- is a
privately owned company focused on purchasing and restoring
freehold inns in mainly rural but easily accessible locations
throughout the UK.


ROYAL BANK: Mulls Disposal of 312 Branches in England and Wales
---------------------------------------------------------------
George Parker, Patrick Jenkins and Nikki Tait at The Financial
Times report that Royal Bank of Scotland is exploring a
government-backed plan to give up all of its 312 RBS-branded
branches in England and Wales.

According to the FT, officials close to the negotiations say the
plan -- mediated by the Treasury -- is well advanced and is the
favored proposal being considered by Neelie Kroes, EU competition
commissioner.

Ms. Kroes, the FT discloses, has demanded substantial disposals by
RBS to compensate for the billions of pounds of taxpayer support
it has received and its planned participation in the Treasury's
toxic asset insurance scheme.   In particular, Brussels is keen to
see a 10% reduction in RBS's small business banking operations,
the FT notes.

The FT relates RBS said Monday night that it was "co-operating
with the Treasury and working towards a solution with the European
Commission".

On Aug. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported RBS posted a net loss of GBP1.04 billion
in the first half of 2009, compared with GBP827 million a year
earlier after setting aside GBP7.52 billion (US$12.62 billion) to
cover bad loans and declining assets.  Bloomberg said about 70% of
RBS's losses came from its so-called non-core division, which
includes assets the bank plans to sell or discontinue.  According
to Bloomberg, the bulk of the division is comprised of parts of
the global banking and markets businesses, which include propriety
trading and higher risk assets.

The government owns 70% of RBS after it invested GBP20 billion
last year to rescue the bank.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


ROYAL BANK: Mass Resignation at RBS Coutts Singapore Branch
-----------------------------------------------------------
Reuters reports that more than a quarter of the staff at the
Singapore office of private bank RBS Coutts, part of Royal Bank of
Scotland Group Plc, have quit in a mass resignation.

According to Reuters, RBS Coutts said on Tuesday "a little over 70
people" had resigned from the bank.

The departures come a few months after Hanspeter Brunner, former
co-CEO of RBS Coutts, and Raj Sriram, head of its South Asia unit,
left the wealth manager to join Swiss rival BSI, Reuters relates
citing unnamed sources.

Reuters says factors contributing to the exodus of RBS Coutts
employees include moves by parent RBS to defer staff bonuses as
well as concerns about asset sales by RBS in Asia.

An RBS Coutts spokesman in Singapore told Reuters that the staff
who left were about 28% of the Singapore staff and 15% of the
wealth manager's Asia staff.  He did not say why the staff left,
Reuters adds.

Reuters, meanwhile, reports that RBS Coutts spokesman said the
bank plans to hire 200 more staff in Asia over the next five years
and aims to double its assets in the same period.  Currently it
has a staff of 500 and manages CHF17 billion (US$16.6 billion) in
Asia.

On Aug. 10, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported RBS posted a net loss of GBP1.04 billion
in the first half of 2009, compared with GBP827 million a year
earlier after setting aside GBP7.52 billion (US$12.62 billion) to
cover bad loans and declining assets.  Bloomberg said about 70% of
RBS's losses came from its so-called non-core division, which
includes assets the bank plans to sell or discontinue.  According
to Bloomberg, the bulk of the division is comprised of parts of
the global banking and markets businesses, which include propriety
trading and higher risk assets.

The government owns 70% of RBS after it invested GBP20 billion
last year to rescue the bank.

                         About RBS Coutts

RBS Coutts Bank Ltd -- http://www.rbscoutts.com/-- is the
international private banking arm of The Royal Bank of Scotland
Group.  The Bank offers tailored wealth management solutions as
well as trust and fiduciary services.

                            About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.


TATA MOTORS: Raises US$750 Mln Through GDS, Convertible Notes Sale
------------------------------------------------------------------
Tata Motors Limited has issued 29,904,306 new equity shares in the
form of Global Depositary Shares at a price of US$12.54 per GDS,
aggregating US$375 million and 3,750, 4% coupon convertible notes
due 2014 at a price of $100,000 per Note, aggregating US$375
million.  The GDSs and Notes, together aggregating US$750 million,
will be listed on the Luxembourg Stock Exchange.

The Offering was successfully executed against the backdrop of
volatile equity market conditions with strong investor interest
resulting in the book being closed in less than an hour from
launch generating a demand of US$1.25 billion from 40 investors.
The deal size was upsized from a base $600 million to $750
million.  The GDS pricing represents a tight 1.5% discount to the
closing price on Oct 8, 2009 of INR589.25, while the Notes were
issued at a 7.5% conversion premium over the GDR price with a
yield to maturity of 5.5%.

Citigroup Global Markets, Credit Suisse and JP Morgan are acting
as joint bookrunners for the Offering.

Tata Motors intends to use the net proceeds from this offering for
repayment of debt incurred in connection with the acquisition of
Jaguar Land Rover, the outstanding of which stands at US$700
million and for other purposes such as capital expenditure,
working capital and other general corporate purposes.

Mr. Ravi Kant, Vice Chairman of Tata Motors, said "This is a
significant milestone for Tata Motors. This transaction is a re-
affirmation of investor confidence in the automotive sector and
bears testimony to the trust reposed in the long term outlook and
performance of Tata Motors."

Mr. C. Ramakrishnan, Chief Financial Officer of Tata Motors, said
"We are delighted with the outcome. The offering will augment our
long term resources, help us de-leverage and provide us the
financial flexibility to pursue our strategic goals."

The Offering is expected to settle on October 15, 2009, subject to
customary closing conditions.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company.  The company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.  TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange.  It was ultimately 33.4% owned by the Tata Group
as of December 2007.

Tata Motors has operations in Russia and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'.  The outlook is negative.  At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'.  Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.


WHITE YOUNG: Defers Test Date for Financial Covenants
-----------------------------------------------------
Ed Hammond at The Financial Times reports that White Young Green
plc said the test date for its financial covenants had been
deferred.

According to the FT, the deferment until October 31 is the fourth
time WYG has put on hold the tests, which were initially due to be
carried out on the year ending July 4, as it continues to struggle
under a heavy debt burden.

The FT relates WYG said discussions regarding its financing had
made "significant progress" and were at "an advanced stage".  The
company, as cited by the FT, said "the proposals are subject to
some further negotiation and final agreement between the parties".

As reported in the Troubled Company Reporter-Europe on Aug. 27,
2009, the FT said WYG warned that debt talks with its banks would
be likely to lead to a "material dilution" for existing
shareholders.  The FT disclosed the company also warned that due
to the scale of the potential dilution, it may fall foul of London
Stock Exchange rules on free float, so its shares may no longer be
able to trade on the main market.  At December 31, the group had
net debt of GBP91.5 million, according to the FT.

                    About White Young Green plc

Headquartered in Leeds, White Young Green plc --
http://www.wyg.com/-- operates as a consultant to the built,
natural and social environment.  WYG provides a range of
complementary engineering services to clients covering all key
engineering disciplines and many associated specialist skills.  It
offers non-design-related management services, including project
management, property management, cost management, dispute
resolution, health and safety management, security consultancy and
socio- economic advisory services.  The Company provides
environmental services to clients, including noise, air and water
quality, environmental management systems, ecology, environmental
impact assessments, waste management, landscape and urban design,
pollution control, geotechnical investigations, asbestos surveys
and contaminated land remediation services.


* UK: PwC Says Pace of Corporate Failures Slowing
-------------------------------------------------
Anousha Sakoui at The Financial Times reports that accounting firm
PWC said the pace of U.K. corporate failures in recent months had
slowed.

The FT relates PwC said national insolvencies in August totaled
1,384, the lowest month on record since September 2008, while the
latest figures, which are to mid-September, indicate that numbers
are still falling,

The level of insolvencies remains above those registered in August
2008 (1,200), before the collapse of Lehman Brothers, the FT
notes.

"We are finally seeing a tail-off to the huge numbers of
insolvencies this recession has brought," the FT quoted Mike
Jervis, at PwC Business Recovery Services, as saying.

According to the FT, insolvency specialists have warned that
companies remain as vulnerable coming out of recession as they do
going in and that the number going through financial restructuring
was likely to increase as the economy recovers and lenders feel
more confident about their outlook.

Mr. Jervis, as cited by the FT, said "If we look back at previous
recessions, we can see that there is often a spike in the number
of companies going bust as an economy recovers -- simply because
businesses take their eye off the key factor: cash."


* UK: Aim Delistings Slowing, Statistics Show
---------------------------------------------
David Blackwell at The Financial Times reports that the number of
departures from Aim appears to be slowing, partly as fewer small
listed companies run into financial stress or insolvency.

The latest statistics for the junior market show that the number
of delistings was at the lowest level for any month this year,
with 15 companies leaving the market in September, the FT
discloses.

The FT says this year, 215 companies have delisted from Aim,
compared with a total of 258 for the whole of 2008.

According to the FT, research published Monday by Trowers &
Hamlins, the law firm, and UHY Hacker Young, the accountancy
group, identifies the number of companies delisting in the third
quarter because of financial stress or insolvency as 41% of the
total.

Charles Wilson, a partner at Trowers, says financial stress is now
the dominant cause of Aim delistings, the FT notes.

"This is a stark indication of the impact the recession has had on
businesses and an explicit reminder we are not in the clear just
yet," the FT quoted Mr. Wilson as saying.


===============
X X X X X X X X
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
    ABI/GULC "Views from the Bench"
       Georgetown University Law Center, Washington, D.C.
          Contact: http://www.abiworld.org/

Oct. 7-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Desert Ridge, Phoenix, Arizona
          Contact: 312-578-6900; http://www.turnaround.org/

Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Paris Las Vegas, Las Vegas, Nev.
          Contact: http://www.abiworld.org/

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *